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 (7 lbs. @$9 per 1b.) (2 hrs. @$16 per hr.) (2 hrs. Actual $5,900 lbs. @$9.20 per 1b. 15,600 hrs. @$16.50 per hr. $13 per hr.) $211,600 7,900 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