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 (5 lbs. @ $8 per lb.) (3 hrs. @ $17 Actual lbs. a $8.10 37,500 hrs. @$17.40 21,900 per lb. per hr.) per hr (3 hrs. @ $12 $271,800 per hr.) Overhead Units manufactured 7,400 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 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 Actual (5 lbs. @ $8 per lbs. @ $8.10 lb.) 37,500 per lb. (3 hrs. @ $17 hrs. @$17.40 per hr.) 21,900 per hr. (3 hrs. @ $12 per hr.) $271,800 7,400 Overhead Units manufactured 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