Required information [The following information applies to the questions displayed below] A manufactured product has the following information for June. Standard Actual Direct materials Direct labor Overhead (6 lbs. $7 per 1b.) (2 hrs. $17 per hr.) (2 hrs. $11 per hr.) 48,000 lbs.e $7.20 per 1b. 15,5ee hrs.@ $17.50 per hr. $179,4e0 7,900 Units manufactured Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ= Actual Quantity SQ- Standard Quantity AP Actual Price SP Standard Price Standard Cost Actual Cost of 6 Next> 2 3 of 6