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 (6 lbs. $8 per lb.) (2 hrs. $16 per hr.) (2 hrs. @ $13 per hr.) Actual 44,800 lbs. @ $8.10 per lb. 14,600 hrs. @ $16.40 per hr. $198,300 7,400 Exercise 23-9 Direct materials variances LO P2 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost $ 0 $ 0 $ 0 0