Required information [The following information applies to the questions displayed below] A manufactured product has the following information for June. Standard Direct materials 6 lbs. $8 per lb. Direct labor 2 hrs. $16 per hr. Overhead 2 hrs. $12 per hr. Units manufactured Actual 48,500 lbs. @$8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost Units manufactured 8,000 Compute the direct materials price variance and the direct materials quantity variance. (Indica selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 d AQ = Actual Quantity SQ Standard Quantity AP= Actual Price SP=Standard Price AQ SQ Actual Cost Compute the direct materials price variance and the direct materials quantity variance. (In selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers AQ Actual Quantity SQ = Standard Quantity Actual Price AP SP=Standard Price Actual Cost Direct labor efficiency variance Direct labor rate variance Direct materials price variance Direct materials quantity variance Compute the direct materials price variance and the direct materials quantity variance. (Inc selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to AQ Actual Quantity SQ= Standard Quantity AP Actual Price SP=Standard Price Actual Cost Total direct materials variance Total variable overhead cost variance Variable overhead efficiency variance Variable overhead spending variance Volume variance