Help Saved Homework Assignment Tercer reports the following for one of its products. Direet materials standard (4 lbs. $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cont of direct materials used 8 per finished unit 300,000 lbs. 60,000 units $540,000 AQ = Actual Quantity SQ - Standard Quantity AP - Actual Price SP - Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Standard Cost Actual Cost