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 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Standard Quantity and Cost 5 pounds @ $8 per pound 2 DLH @ $15 per DLH 2 DLH @ $13 per DLH 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.) Actual Cost $ 0 $ Actual Results 40,600 pounds @ $8.10 per pound 15,700 hours @ $15.50 per hour $ 214,000 8,000 units 0 0 $ 0 Standard Cost Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH Standard Hours AR = Actual Rate SR Standard Rate = Actual Cost 0 GA $ 0 0 0 Standard Cost