reyuncu HIVIIGUVI 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 16 lb $8 per 1b.) (2 hrs $16 per hr (2 hrs. $12 per hr.) Actual 48,500 lbs. $8.10 per lb. 15,700 hrs $16.50 per hr. $190.000 8,000 Exercise 21-9 Direct materials variances LO P2 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price SP = Standard Price Standard Cost Actual Cost