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 360,000 lbs. 76,000 units $648,000 B 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 Actual Cost Standard Cost