QS 21-8 Materials vorionces LO P3 2. points Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 12 per finished unit 370,000 lbs. 75,000 units $999,000 eBook Hint 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 o no variance Print References Actual Cost Standard Cost 0 $ 0 $ 0 $ D