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Acompany reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $ 12 per unit 310,000 pounds 62,000 units $ 852,500 AQ - Actual Quantity SQ = Standard Quantity AP Actual Price SP - Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable Standard Cost Actual Cost M 0 $ 0 $ 0 $ 0 0