QS 21-8 Materials variances LO P2 Tercer reports the following for one of its products. Direct materials standard (4 lbs.@ $3 per 1b.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $12 per finished unit 60,000 units $783,000 olnts 0104 41 AQ Actual Quantity SQ Standard Quantity AP Actual Price References SP Standard Price Compute the direct materials price and quantity variances and classify each as favorable or unfavorable Actual Cost Standard Cost