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 (6 lbs. @ $8 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $13 per hr.) Actual 44,400 lbs. @ $8.10 per lb. 21,500 hrs. @ $16.60 per hr. $290,000 7,300 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 $ 0 $ 0 A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $8 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $13 per hr.) Actual 44, 400 lbs. @ $8.10 per lb. 21,500 hrs. @ $16.60 per hr. $290,000 7,300 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost $ 0 0