Tercer reports the following for one of its products. Direct materials standard (4 lbs. $2 perb .) retual direct materials used (19) Actual finished units produced retual cost of direct materials used per finished unit 300,000 lbs. 60,000 units $540,000 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, unfavorable or no variance. Standard Cost Actual Cost 300.000