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.) (2 hrs. $16 per hr.) (2 hrs. $11 per hr.) hetual 43,600 lbs. $8.20 per lb. 14.000 hrs. $16.60 per hr $164,500 7,200 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 AQ 18