Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 12 per finished unit 290,000 lbs. 60,000 units $783,000 Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance. Actual Cost AQ Standard Cost AP AQ SP SQ SP 0 $ 0 $ 0 $ 0 Favorable Direct materials price variance Direct materials quantity variance Total direct materials variance 0 Unfavorable Unfavorable