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-. Required information (The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Actual (6 lbs. @ $8 per lb.) 53,400 lbs. @ $8.10 per lb. (3 hrs. @ $16 per hr.) 26,200 hrs. @ $16.40 per hr. (3 hrs. @ $12 per hr.) $322,000 8,800 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost $ 0 $ 0 $ 0 0