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 (5 lbs. 37 per lb.) (2 hrs $16 per hr.) (2 hrs. $12 per hr.) Actual 00, 400 lbs. $7.10 per lb. 15,800 hrs $16.60 per hr. 198,000 3.000 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