! 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. @ $7 per lb.) (3 hrs. @ $17 per hr.) (3 hrs. @ $11 per hr.) Actual 52,700 lbs. @ $7.20 per lb. 25,800 hrs. @ $17.40 per hr. $293,200 8,700 Exercise 23-9 Direct materials variances LO P2 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 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 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. X Answer is not complete. Actual Cost Standard Cost AQ X AP AQ SP SQ SP 52,700 $ 7.20 52,700 $ 7.00 52,200 $ 7.00 $ 379,440 368,900 365,400 $ 10,540 $ 3,500 Unfavorable $ 10,540 3,500 Unfavorable No variance co AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost AH AR AH SR SH AR $ 0 $ 0 $ 0 0