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 (6 lbs. @ $7 per lb.) (3 hrs. @$15 per hr.) (3 hrs. @ $12 per hr.) Actual 49,200 lbs. @ $7.10 per lb. 24,100 hrs. @ $15.50 per hr. $298,500 8,100 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 AQ OXAP 24,100 X $ 15.00 AQXSP 24,100 X X $15.50 X Standard Cost SQ X SP 24,300 X X $ 15.00 X 361,500 373,550 364,500 $ 9,050 |(12,050) 12,050 Direct materials price variance Unfavorable Direct materials quantity variance 9,050 Unfavorable Total direct materials variance $ 4,200 X Favorable *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 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