Chapter 21 Problems i 2 4 points Skipped eBook + Hint QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ Standard Quantity AP Actual Price SP=Standard Price $ 8 per unit 340,000 pounds 65,000 units $ 612,000 Saved Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Print References Actual Cost 0 $ 0 $ 0 0 $ 0 Standard Cost