Required Information Use the following Information for the Exerelses below. The following Information applies to the questions displayed below A manufactured product has the following Information for June. Standard Actual (7 lbs. $7 per lb.) (3 hrs. $16 per hr.) (3 hrs. $11 per hr$256,18e 53,888 lbs.$7.18 per 1b. 22,5 hrs. @ $16.se per hr. Direct materials Direct labor Overhead Units manufactured 7,688 Exerclse 8-9 Direct meterlals verlances LO P2 Compute the direct materlals price varlance and the direct materlals quantity varlance. Indicate whether each varlance Is favorable or unfavorable. AQ-Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Actual Cost Standard Cost