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. @ $7 per lb.) (3 hrs. @ $15 per hr.) (3 hrs. @ $13 per hr.) Actual 43,100 lbs. @ $7.20 per lb. 21,000 hrs. @ $15.60 per hr. $ 282,300 7,100 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 AQ AP AQ SP SQ SP 43,100 $ 7.20 43,100 $ 7.00 $ 310,320 $ 301,700 $ 8,620 $ 0 $ 8,620 0 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