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. 57 per lb.) (3 hrs. $17 per hr.) (3 hrs. $12 per hr.) Actual 50,200 lbs. $7.10 per lb. 24,600 hrs. $17.50 per hr. $304,000 8,300 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