! 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. @ $7 per lb.) (3 hrs. @ $15 per hr.) (3 hrs. @ $13 per hr.) Actual 50,900 lbs. @ $7.20 per lb. 21,200 hrs. @ $15.50 per hr. $286,900 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 $ 0 $ 0 $ 0 0