[The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. @ $12 per hr.) Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. $16.50 per hr. $198,000 8,000 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 X Actual Cost AQ X 15.700 x $ 251,200 AP $ 16.00 SP $ 16.00 AQ 15,700 Standard Cost SO X SP 16,000 X $ 16.00 $ 256,000 X $ 251,200 $ (4,800) $ 0 Direct labor rate variance Direct labor efficiency variance Variable overhead spending variance $ o Unfavorable 4,800 (Unfavorable $ 3,050 Unfavorable A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard (6 lbs. @ $8 per lb.) (2 hrs. @ $16 per hr.) (2 hrs. @ $12 per hr.) Actual 48,500 lbs. @ $8.18 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Compute the direct labor rate variance and the direct labor efficiency variance Indicate whether each variance is favorable or unfavorable. AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Standard Cost Actual Cost $ 0 $ 0 $ 0 0