QS 21-8 Materials variances LO P3 Tercer reports the following for one of its products. Direct materials standard (1 lbs. 53 per 1b.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used 12 per finished unit 290,000 lbs. 60,000 units $783,000 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 unfavorable or no variance. Actual Cost Standard Cost 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. Actual Cost Standard Cost 0 $ 0 $ $ 0