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. @ $12 per hr.) Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Exercise 21-9 Direct materials variances LO P2 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 Actual Cost Standard Cost