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 310,000 lbs. 62,000 units $852, 500 AQ Actual Quantity sQ Standard Quantity AP Actual Price SP = Standard Price Compute the direct materials price and quantrty veriances and classitly each as favorable or unfavorable Actual Cost Standard Cost