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 (6 lbs. @ $8 per lb.) (3 hrs. @ $15 per hr.) (3 hrs. @ $11 per hr.) Actual 46,000 lbs. @ $8.20 per lb. 22,600 hrs. @ $15.40 per hr. $ 256,500 7,600 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost ! 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 (6 lbs. @ $8 per lb.) (3 hrs. @ $15 per hr.) (3 hrs. @ $11 per hr.) Actual 46,000 lbs. @ $8.20 per lb. 22,600 hrs. @ $15.40 per hr. $ 256,500 7,600 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost