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 6 lbs. & $7 per lb. 2 hrs. $15 per hr. 2 hrs. & $11 per hr. Actual 42,400 lbs. @ $7.20 per lb. 13,600 hrs. $15.50 per hr. $ 159,200 7,000 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance b 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 AQ SP X X AP $ 7.20 SP $ 7.00 Standard Cost SQ X 40,200 $ $ 281,400 42,400 42,400 7.00 $ 305,280 $ 296,800 $ 8.480 $ 15,400 $ 8,480 15,400