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. @ $9 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. @ $13 per hr.) Actual 62,100 lbs. @ $9.20 per lb. 17,200 hrs. l $15.50 per hr. $235,600 8,800 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 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. @ $9 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. @ $13 per hr.) Actual 62,100 lbs. @ $9.20 per lb. 17,200 hrs. l $15.50 per hr. $235,600 8,800 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