! Required information Use the following information for the Exercises below. [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. @ $7 per lb.) (3 hrs. @ $16 per hr.) (3 hrs. @ $12 per hr.) Actual 55,800 lbs. @ $7.10 per lb. 23,300 hrs. @ $16.50 per hr. $290,000 7,900 Exercise 23-9 Direct materials variances LO P2 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 $ 0 0 Exercise 23-10 Direct labor variances LO P2 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 $ 0 0