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. @ $17 per hr.) (3 hrs. @ $13 per hr.) Actual 49,600 lbs. @ $8.18 per lb. 24,400 hrs. @ $17.50 per hr. $325, 300 8,200 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Standard Cost Actual Cost Direct labor Overhead Units manufactured UUS. 38 per lb.) (3 hrs. @ $17 per hr.) (3 hrs. @ $13 per hr.) 49,600 lbs. $8.10 per lb. 24,400 hrs. $17.50 per hr. $325, 300 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