Required information The following information applies to the questions displayed below. A manufactured product has the following information for June. Actual 48,500 lbs. @ S8.19 per lb 15,700 hrs. $16.50 per hr. Standard Direct materials Direct labor Overhead Units manufactured (6 lbs. $8 per lb.) (2 hrs.e $16 per hr.) (2 hrs.@ $12 per hr.) $198,000 8,000 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