Required information (The following information applies to the questions displayed below) A manufactured product has the following information for June Standard Quantity and cost Actual Results Direct materials 5 pounds 58 per pound 41,600 pounds 38.10 per pound Direct labor 5 DLH516 per DLH 24,400 hours $16.60 per hour Overhead 3 O $11 per DLH $ 276,100 Units manufactured 3,200 units 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.) AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP Standard Price Compute the (1) direct materials price variance and (2) direct materials quantity variance (Indicate the effect of each Varance selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Standard Cost Actual Cost