Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual Direct materials (6 lbs. @ $7 per lb.) 54,500 lbs. @ $7.20 per lb. Direct labor (3 hrs. @ $16 per hr.) 26,700 hrs. @ $16.40 per hr. Overhead (3 hrs. @ $12 per hr.) $ 330,500 Units manufactured 9,000 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price