Required Informatlon 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. Direct materials Direct labor Overhead Units manufactured Standard (7 lbs. @ $8 per lb.) (3 hrs. @ $17 per hr.) (3 hrs. @ $12 per hr.) Actual 59,400 lbs. @ $8.20 per lb. 24,900 hrs. @ $17.60 per hr. $307,620 8,400 Exercise 23-9 Direct materials variances LO P2 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 varlance is favorable or unfavorable Actual Cost Standard Cost 0 0 S 0 0 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost $ 0 62 0 0 0 CLOW Next Prey 7 of 9