Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 50,300 pounds @ $8.20 per pound Direct labor 2 DLH @ $16 per DLH 16,200 hours @ $16.50 per hour Overhead 2 DLH @ $13 per DLH $ 222,700 Units manufactured 8,300 units Exercise 8-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price