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. @ $7 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. @ $11 per hr.) Actual 49,700 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $186,200 8,200 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