A company reports the following for one of its products.

Direct materials standard $(4$ pounds @ $$2$ per pound$)$ $ $8$ per unit

Actual direct materials used $($AQ$)320,000$ pounds

Actual units produced $62,000$ units

Actual cost of direct materials used $ $560,000$

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.