Use the following information for the Exercises below. (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 7 lbs. $7 per lb. 3 hrs. $16 per hr. 3 hrs. $11 per hr. Actual 52,300 lbs. 8 $7.10 per lb. 22,000 hrs. $16.50 per hr. $250, 700 7,400 Exercise 21-9 Direct materials variances LO P3 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost