Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual direct materials used Actual units produced Actual cost of direct materials used Direct materials standard (6 pounds @ $9.00 per pound) AQ = Actual Quantity 5,320 pounds 832 units $ 54 per unit $ 37,240 SQ Standard Quantity AP = Actual Price SP Standard Price Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. Actual Cost x Standard Cost x x