Required information The following information applies to the questions displayed below] A manufactured product has the following information for June Standard Actual Direct labor Overhead Units manufactured 7 lbs. $9 per 1b. (3 hrs. $15 per hr.) (3 hrs. $11 per hr.) 246,600 51,500 lbs. $9.28 per lb. 21,700 hrs. $15.50 per hr. 7,300 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 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 Standard Cost