QS 21-8 Materials variances LO P2 Tercer reports the following for one of its products. $2 per lb.) Direct materials standard (4 lbs. Actual direct materials used (1) Actual inlated units produced Actual cost of direct materials used $ per finished unit 340.000 lbs. 72.000 units $612.000 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