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Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ 53 per 16.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 12 per finished unit 310,000 lbs. 62,000 units $852,500 AQ = Actual Quantity SQ - Standard Quantity AP - Actual Price SP - Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Actual Cost Standard Cost