Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Standard Quantity and Cost 7 pounds $7 per pound Direct labor 3 DLH $16 per DLH Overhead 3 DLH $12 per DLH Units manufactured Actual Results 49,500 pounds 20,700 hours $7.10 per pound $16.50 per hour $ 258,500 7,000 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance b 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 $ 0 $ 0 Standard Cost