Required information The following information applies to the questions displayed below) A manufactured product has the following information for June. Direct materials Standard retual lbs. Se per lba. 48.500 $8.10 ib. per lb. 2 hrs. $16 per hrs. $16.50 h . per hr. 2 hrs. $12 per $198.000 Direct labor Overhead Unita manufactured 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 Actual Cost AQ 15,700 X AP x Answer is complete but not entirely correct. Standard Cost AQ SOX 15,700X 16,000 * SP 16.01 259.050 251,200 256.000 7.850 (4.800) Direct labor rate variance Direct labor efficiency variance Total variable overhead cost variance X $ 7,850 x 4,800 ]$3.050 X Unfavorable Favorable Unfavorable