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 6 lbs. @ $8 per lb. 48,500 lbs. @ $8.10 per lb. Direct labor 2 hrs. @ $16 per hr. 15,700 hrs. @ $16.50 per hr. Overhead 2 hrs. @ $12 per hr. $198,000 Units manufactured 8,000 Exercise 08-9 Direct materials variances LO P3 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price Standard Cost AP X SP SQ > SP Actual Cost AQ X 48,500 X S 392,850 AQ 48,500 $ 8.10 X $ 8.10 $ 8,10 % 48,500 $ X $ 392,850 $392,850 0 0 Direct labor rate variance Direct labor efficiency variance Total variable overhead cost variance $ $ 0 Unfavorable 0 Unfavorable $ $3,050 Unfavorable XX