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 (5 lbs. $8 per lb.) (2 hrs. $16 per hr. 16,500 hrs. $16.40 per hr. (2 hrs. e $12 per hr.) $207,300 42,400 lbs. @ $8.10 per . Direct labor Overhead Units manufactured 8,400 Exercise 23-9 Direct materials variances LO P2 AQ Actual Quantity SO 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. Actual Cost Standard Cost