Required information The following information applies to the questions displayed below.] A manufactured product has the following information for June Standard Actual (6 lbs. @ $7 per lb.) (2 hrs. @ $16 per se, 200 1bs. b. $7.10 per Direct materials Direct labor Overhead Units manufactured hrs. @ $16.50 per 16,200 $188,200 8, 300 (2 hrs.@ $11 per 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