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 7 lbs @ $7 per lb. 2 hrs. $15 per hr 2 hrs. @ $13 per hr Actual 62,100 lbs. @ $7.10 per 1b. 17,300 hes: @ $15.40 per hr. $235,000 8,800 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 Standard Cost AQ AP AQ SP SQ X SP x X $ S 0