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 6 lbs. @ $8 per lb. 2 hrs. $16 per hr. 2 hrs. @ $12 per hr. Actual 48,580 lbs. $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and 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 X AP Standard Cost AQ X X $ SQ SP $ 8.00 X 8.10 X SP $ 8.00 $ $ 0 Direct materials price variance Direct materials quantity variance $ of unfavorable o Unfavorable 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 6 lbs. 58 per lb. 2 hrs. $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,eee 8,000 Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting f favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH - Actual Hours SH - Standard Hours AR - Actual Rate SR = Standard Rate Actual Cost AH Standard Cost AR AH SR SH X SR $ 0 $ 0 $ Direct materials quantity variance Total direct labor variance o Favorable O Favorable Unfavorable