4 20:48 A company reports the following for one of its products. Direct materials standard (4 pounds $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used i AQ 340,000 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. Actual Cost M AP $ 0 $ AQ 0 0 M 58 per unit 340,000 pounds 72,000 unita M $ 612,000 SP $ SQ Standard Cost . SP