Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds $7 per pound Direct materials Direct labor Overhead Units manufactured 3 DLH $17 per DLH 3 DLH $12 per DLH Actual Results 37,600 pounds $7.20 per pound 22,000 hours $17.60 per hour $ 273,100 7,400 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