Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 48,500 pounds @ $8. 10 per pound Direct labor 2 DLH @ $16 per DLH 15, 700 hours @ $16.50 per hour Overhead 2 DLH @ $12 per DLH $ 198 , 000 Units manufactured 8,000 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 E