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 (6 1lbs. $8 per lb.) Actual Direct materials Direct labor Overhead Units manufactured 48, 500 Ibs. $8.10 per lb. (2 hrs. $16 per hr) 15, 700 hrs. $16.50 per hr (2 hrs. $12 per hr) $198,000 8, 000 Exercise 21-9 Direct materials varlances 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 SO Standard Quantity AP Actual Price SP Standard Price Cost Standard Cost