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 (5 lbs. @ $7 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $12 per hr.) Actual 40,000 lbs. @ $7.20 per lb. 23, 300 hrs. @ $16.40 per hr. $289,600 7,900 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is fa unfavorable. AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Standard Cost Actual Cost