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. @ $8 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $12 per hr.) Actual 51,680 lbs. @ $8.20 per lb. 21,780 hrs. @ $16.60 per hr. $268,780 7,3ee 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