Required information [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Standard Actual Direct materials (7 lbs. # $7 per lb.) 60, 100 lbs. @ $7.10 per lb. Direct labor (2 hrs. $15 per hr.) 16,700 hrs. e $15.50 per hr. Overhead (2 hrs. $12 per hr.) $210,000 Units manufactured 8,500 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