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 Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds $8 per pound 3 DLH $16 per DLH 3 DLH @ $12 per DLH Actual Results 51,500 pounds @$8.20 per pound 25,300 hours @ $16.50 per hour $ 311,600 8,500 units Exercise 21-9 (Algo) Direct materials variances LO P3 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.)