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[The following information applies to the questions displayed below.] A manufactured product has the following information for June.

	Standard Quantity and Cost	Actual Results
Direct materials	5 pounds @ $7 per pound	37,000	pounds @ $7.20 per pound
Direct labor	3 DLH @ $15 per DLH	21,600	hours @ $15.50 per hour
Overhead	3 DLH @ $11 per DLH	$ 246,600
Units manufactured		7,300	units

Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

Required Information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each varlanc by selecting favorable, unfavorable, or no varlance. Round "Cost per unit" answers to 2 decimal places.) AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Actual Results 37,000 pounds @ $7.20 per pound 21,600 hours @ $15.50 per hour $ 246,600 7,300 units Actual Cost Standard Cost