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. Standard (5 lbs. $8 per lb.) (2 hrs.$16 per hr.) (2 hrs. $12 per hr.) Actual 38,400 1bs. e $8.20 per lb 14,800 hrs. $16.50 per hr. $187,900 7,600 Direct materials Direct labor Overhead Units manufactured 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 Standard Cost Actual Cost Next