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Required information

Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

A manufactured product has the following information for June.

$\backslash$table$[[,$Standard Quantity and Cost,Actual Results$],[$Direct materials,$7$ pounds @ $$7$ per pound,$60,600$ pounds @ $$7\mathrm{.}20$ per pound$],[$Direct labor,$3$ DLH @ $$15$ per DLH$,25,400$ hours @ $$15\mathrm{.}50$ per hour$],[$Overhead$,3$ DLH @ $$11$ per DLH$,$$$290,800$ units$],[$Units manufactured,,$8,600$ units$]]$

Exercise $21-9($Algo$)$ Direct materials variances LO P$3$

Compute the $(1)$ direct materials price variance and $(2)$ direct materials quantity variance. $($Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to $2$ decimal places.$)$

$AQ=$ Actual Quantity

$SQ=$ Standard Quantity

$AP=$ Actual Price

$SP=$ Standard Price