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. @ $8 per lb.) (3 hrs. @ $15 per hr.) (3 hrs. @ $13 per hr.) Actual 44,900 lbs. @ $8.20 per lb. 21,900 hrs. @ $15.50 per hr. $294,100 7,400 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