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[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual Direct materials (6 lbs. @

[The following information applies to the questions displayed below.] A manufactured product has the following information for June.

Standard Actual
Direct materials (6 lbs. @ $8 per lb.) 46,700 lbs. @ $8.10 per lb.
Direct labor (3 hrs. @ $17 per hr.) 22,800 hrs. @ $17.60 per hr.
Overhead (3 hrs. @ $12 per hr.) $ 282,500
Units manufactured 7,700

Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

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Actual Cost Standard Cost

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