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 (7 lbs. (3 hrs. (3 hrs. Standard $9 per lb.) $15 per hr.) $12 per hr.) Actual 58,6ee lbs. $9.20 per lb. 24,7ee hrs. $15.50 per hr $304,300 3.30 Exercise 21-9 Direct materials variances LO P2 Compute the direct materials price variance and the direct materials quantity variance Indicate whether each variance is favorable or unfavorable AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP Standard Price Actual Cost Standard Cost