QS 21-8 Materials variances LO P3 Tercer reports the following for one of its products Direct materials standard (lbs. 33 per 1b.) Actual direct materials used (10) Actual Tinished units produced actual cost of direct materials used 5 12 per finished unit 370.000 lbs 75, undts $999.00 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, unfavorable or no variance Sta Actual Cost $ 0 0 $ $