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. @ $7 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $12 per hr.) Actual 47,900 lbs. @ $7.20 per lb. 23,500 hrs. @ $16.40 per hr. $299,500 7.900 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 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. @ $7 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. $12 per hr.) Actual 47,900 lbs. @ $7.20 per lb. 23,500 hrs. @ $16.40 per hr. $290,5ee 7,909 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost