Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Direct materials 7 pounds @ $7 per pound Actual Results 58,600 pounds @ $7.20 per pound hours @ $15.50 per 3 DLH @ $15 per DLH 24,600 hour Direct labor $ Overhead Units manufactured 3 DLH @$13 per DLH 330,100 8,300 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or 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 AQ 58,600 AP AQ X SP SQ $7.20 58,600 X $7.00 SP X $7.00 $ 421,920 $ 410,200 $ 11,720 $ Unfavorable 11,720 0 Unfavorable Direct materials price variance Direct materials quantity variance Total direct materials variance AH Actual Hours SH Standard Hours Standard Rate AR = Actual Rate SR AH Unfavorable $ 0 Actual Cost Standard Cost AR AH X X X SR SH X SR $ 0 $ 0 0 $ 0