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. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.18 per lb. 15,700 hrs. @ $16.50 per hr. $198,800 8, eae Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance. Round "Cost per unlt" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost