! Required information (The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (7 lbs. @ $8 per lb.) (3 hrs. @ $15 per hr.) (3 hrs. @ $11 per hr.) Actual 50,800 lbs. @ $8.10 per lb. 21,300 hrs. @ $15.40 per hr. $244,000 7,200 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost