Required information The following information applies to the questions displayed below.] A manufactured product has the following information for June Standard Actual 53,100 lbs. e $8.10 per lb. 22,300 hrs. $16.40 per hr. Direct materials Direct labor Overhead Units manufactured (7 lbs. $8 per lb.) (3 hrs. $16 per hr.) (3 hrs. $11 per hr.) $254,000 7,500 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 Actual Cost Standard Cost AQ AP AQ SQ SP SP Direct materials price variance Direct materials quantity variance Total direct materials variance