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. Actual 120 47.900 10 lbs. @ $9.10 per Direct materials Standard (6 lbs. @ $9 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. @ $13 per hr.) Direct labor 15.500 hrs. @ $16.60 per hr. $211,700 Overhead Units manufactured 7,900 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 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 1 x Standard Cost X AQ AP AQX SP SQ SP $ 0 $ 0 $ 0