Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds $8 per pound 2 DLH @$16 per DLH 2 DLH @$12 per DLH Actual Results 48,500 pounds @ $8.10 per pound 15,700 hours @ $16.50 per hour 8,000 units $ 198,000 Direct materials Direct labor Overhead Units manufactured 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