Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per lb.) $ 12 per finished unit Actual direct materials used (AQ) 333,608 lbs. Actual finished units produced 63,603 units Actual cost of direct materials used $96?,503 A0 = Actual Quantity SQ = Standard Quantity AP 2 Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance