Required information [The following information applies to the questions displayed below. A manufactured product has the following information for June. Direct materiala Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. 8.10 per 1b. 15,700 hrs. @ $16.50 per hr. $198.000 8.000 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) 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 the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ - Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Actual Cost AQ SP $ 16.500 AQ 15,700 15,700 AP $ 16.00 Standard Cost SQ X 16,000 $ 256,000 SP $ 16.00 $ 259,050 $ 251 200 $ 7.850 $ (4.800) Direct labor rate variance Direct labor efficiency variance $ 7,850 4,800