Tercer reports the following for one of its products. Direct materials standard (3 lbs. @ $2 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 6 per finished unit 260,000 lbs. 70,000 units $455,000 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. Actual Cost Standard Cost AQ AP AQ SP SQ X SP 260,000 0 $ 0 $ 0 Favorable Direct materials price variance Direct materials quantity variance Total direct materials variance 0 Unfavorable Unfavorable QS 23-9 Materials cost variances LO P2 For the current period, Kayenta Company's manufacturing operations yield a $4,000 unfavorable price variance on its direct materials usage. The actual price per pound of material is $78; the standard price is $77.50 per pound. How many pounds of material were used in the current period? Actual pounds used pounds