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. 99 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. $12 per hr.) Actual 44,000 lbs. $9.20 per lb. 17,000 hrs. @ $16.40 per hr. $214,100 8,700 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 Standard Cost