Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June Standard Actual Direct materials Direct labor Overhead Units manufactured (6 lbs. $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. $12 per hr.) $198,000 48,500 lbs. * $8.10 per lb 15, 700 hrs. $16.50 per hr. 8,000 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 Actual Cost Standard Cost 0 0