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. @ $7 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. @ $12 per hr.) Actual 43,600 lbs. @ $7.10 per lb. 14,000 hrs. @ $15.40 per hr. $179,700 7,200 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. Standard Cost AP AQ SQ SP Actual Cost AQ 14,000 $ 215,600 SP $ 15.00: $ 15.40 14,000 $ 210,000 $ 5,600 $ 0 $ 5,600 0