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 (5 lbs. @ $9 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. @ $12 per hr.) Actual 38,500 lbs. @ $9.20 per 1b. 14,900 hrs. @ $15.60 per hr. $188,700 7,600 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 $ 0 0 0