Required Information Use the following Information for the Exercises below. (Algo) The following information applies to the questions displayed below) A manufactured product has the following Information for June Standard Quantity and cost Actual Results Direct materials 7 pounds 58 per pound 59,200 pounds $8.2e per pound Direct labor 3 DLH 5i6 per DLH 24, see hours $16.se per hour Overhead 3 DL $12 per DLH $ 309,380 Units Manufactured 8,480 units Exercise 8-9 (Algo) Direct materials varlances LO P3 Compute the (1) direct materials price vartance and (2) direct materials quantity vartance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no vartarice. Round "Cost per unit" answers to 2 decimal places.) AQ - Actual Quantity SQ Standard Quantny AP - Actual Price SP - Standard Price Standard Cost Actual Cost