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Required Information [The following information applies to the questions displayed below] A manufactured product has the following Information for June. Standard Actual Direct materials 6 1bs. @ $8 per 1b. 45,409 1bs. @ $8.10 per 1b. Direct labor 3 hrs. @ $16 per hr. 22, 200 hrs. @ $16.50 per hr. Overhead 3 hrs. @ $12 per hr. $275,300 Units manufactured 7,500 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP SQ X SF 5 Direct materials price variance Direct materials quantity variance Total direct materials varianceRequired Information [The following information applies to the questions displayed below] A manufactured product has the following Information for June. Standard Actual Direct materials 6 1bs. @ $8 per 1b. 45, 400 lbs. @ $8.10 per 1b. Direct labor 3 hrs. @ $16 per hr. 22, 200 hrs. @ $16.50 per hr. Overhead 3 hrs. @ $12 per hr. $275,300 Units manufactured 7.500 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable. unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost AR AH SR SH SR 5 Direct labor rate variance 5 Direct labor efficiency variance Total direct labor variance