QS 21-8 Materials variances LO P2 Tercer reports the following for one of its products. Direct materials standard 4 lbs.$2 per lb.) Actual direct materials used (AQ) 8 per finiphed unit 340,000 lba Actual finished units produced Actual cost of direct materials used 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 AQ AQ SP SQ X X $ 1.80 340,000 340,000 288,000 2.00 $ 612,000 $ 680,000 $68,000 $ 0 $ 68,000 0Unfavorable Favorable Direct materials price variance Direct materials quantity variance Total direct materials variance