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. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. Actual 43,000 lbs. @ $7.10 per lb. 16,700 hrs. @ $16.49 per hr. $227,000 8,500 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and 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 direct materials price variance and the direct materials quantity variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and 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 $ 0 S 0 Direct labor rate variance GA 0 0 Direct labor efficiency variance Total direct materials variance