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. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Exercise 23-9 Direct materials variances LO P3 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 X Answer is complete but not entirely correct. Actual Cost Standard Cost AQ AP AQ SP SQ SP 48,500 $ 8.10 48,500 $ 8.00 48,000 $ 8.00 392,850 $388,000 $ 384,000 $ 4,850 $ 4,000 Direct labor rate variance X $ 4,850 Unfavorable Direct labor efficiency variance Total direct materials variance 4,000 Unfavorable $ 3,050 X Unfavorable