Tercer reports the following for one of its products. Direct materials standard (4 lbs. $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used 8 per finished unit 300,000 lbs. 60,000 units $535,000 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 or unfavorable. Answer is not complete. Actual Cost AP 300,0000.20 AQ 240,000x 200 1.78 480,000 60,000 Direct materials price variance Direct materials quantity variance Total direct materials variance S Favorable Favorable Favorable 20f 4111 Next >