! Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Standard Quantity and Cost 7 pounds $9 per pound 2 DLH $16 per DLH Overhead 2 DLH $12 per DLH Units manufactured Actual Results 55,700 pounds $9.20 per pound 15,400 hours @ $16.50 per hour $ 194,600 7,900 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 Actual Cost Standard Cost