Tercer reports the following for one of its products. Direct materials standard (4lbs. @ $2 per lb.) S Actual direct materials used (AO) Actual finished units produced Actual cost of direct materials used B 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 earch 0 e 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 Co