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. @ $7 per lb.) (2 hrs. @ $17 per hr.) (2 hrs. $12 per hr.) Actual 49,700 lbs. 37.20 per lb. 16,100 hrs. @ $17.50 per hr $203,700 8,200 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