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 (7 lbs @ $8 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. @ $13 per hr.) Actual 59,400 lbs! $8.20 per lb. 16,400 hrs. @ $15.50 per hr. $225,300 8,400 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 favorab or unfavorable. Actual Cost Standard Cost 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 (7 lbs. $8 per lb.) (2 hrs. @ $15 per hr.) (2 hrs. $13 per hr.) Actual 59,400 lbs. @ $8.2e per lb. 16,408 hrs. @ $15.50 per hr. $225,300 8,400 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 con Standard Cont 0 0 O $ 0