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 Standard Actual Direct materials 7 lbs. 58 per lb. 61,400 lbs. $8.10 per 1b. Direct labor 2 hrs. $17 per hr. 17,100 hrs. $17.50 per hr. Overhead 2 hrs. $12 per hr. $215,500 Units manufactured 8,700 Exercise 21-9 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 Standard Cost Actual Cost 0 5 0 0