Required information The following information applies to the questions displayed below) A manufactured product has the following information for June. Direet materials Direct labor Overhead Units manufactured Standard (7 lbs. $8 per lb.) (3 hrs. $16 per hr.) (3 hrs. $12 per hr.) Actual 55. 100 lbs @ $8.10 per 1b. 23,100 hrs. $16.50 per hr. $285,900 7,800 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