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Required information 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 Answer is not complete. Actual Cost AQ AP $ 8.10 AQ 0 SP $ 0.00 x X > 48,500 X SQ 48,000 Standard Cost X SP x $ 8.00 $ 384,000 392,850 $ 0 $ 0 Direct materials price variance Direct materials quantity variance Total direct materials variance 0 0 Unfavorable Unfavorable Unfavorable