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 (7 lbs. @ $9 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @$12 per hr.) Actual 62,000 lbs. @ $9.20 per lb. 26,000 hrs. @ $16.50 per hr. $323,000 8,800 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 AQ 1 x 62,000 X Standard Cost X SQ SP AP $ 9.20 AQ 62,000 X X SP $ 9.00 570,400 558,000 $ 12,400 $ 0 $ 12,400