A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) $12 per unit Actual direct materials used (AQ) 339,000 pounds Actual units produced 64,006 units Actual cost of direct materials used AQ=ActualQuantity SQ= Standard Quantity AP= Actual Price SP= Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable