QS 21-8 Materials variances LO P2 Tercer reports the following for one of its products. Direct materials standard (3 lbs.@ $2 per Ib.) Actual direct materials used (AQ) S6 per finished unit 310,000 Ibs. Actual finished units produced 70,000 units $527,000 Actual cost of direct materials used 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 Standard Cost