QS 21-8 Materials varlances LO P2 Tercer reports the following for one of its products. Direct materials standard (3 lbs. $2 per lb. S6 per finished unit Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used 310,000 lbs 70, 000 units $527,000 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 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable Actual Cost Standard Cost