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. @ $7 per lb.) (2 hrs. @ $17 per hr.) (2 hrs. @ $11 per hr.) Actual 50,200 lbs. @ $7.20 per lb. 14,000 hrs. @ $17.60 per hr. $ 163,000 7,100 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost