Required information (The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Standard (7 lbs. @ $9 per lb.) (3 hrs. @ $17 per hr.) (3 hrs. @ $11 per hr.) Actual 50,900 lbs. @ $9.20 per Ib. 21,400 hrs. @ $17.60 per hr. $243,500 Overhead Units manufactured 7,200 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 $ 0 $ 0 $ 0 0 ! 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 (7 lbs. @ $9 per Ib.) (3 hrs. @ $17 per hr.) (3 hrs. @ $11 per hr.) Actual 50,900 lbs. @ $9.20 per lb. 21,400 hrs. @$17.60 per hr. $243,500 7,200 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 $ 0 $ 0 $ 0 0