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. @ $7 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. @ $12 per hr.) Actual 52,300 lbs. @ $7.20 per lb. 14,500 hrs. @ $16.40 per hr. $182,700 7,400 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost