QS 21-8 Materials variances LO P2 Tercer reports the following for one of Its products. Direct materials standard (3 lbs. $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used 6 per finished unit 31e,eee 1bs. 7e,8e8 units $527,808 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 or unfavorable Actual Cost Standard Cost AQ AP AQ SP sQ SP