! Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ Standard Quantity AP = Actual Price (5 lbs. @$8 per lb.) (3 hrs. @ $17 per hr.) (3 hrs. $11 per hr.) Actual 38,000 lbs. @ $8.20 per lb. 22,200 hrs. @ $17.40 per hr. $253,500 7,500 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 AQ X AP AQ X SP SQ X SP 38,000 $ 8.20 38,000 X $ 8.00 38,000 X $ 8.00 $ $ $ 311,600 304,000 304,000 $ 7,600 $ 7,600 0 $ 0