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 Actual 55,900 lbs. $8.20 per lb. Direct materi ls Direct labor overhead Units manufactured (7 lbs. s8 per 1b.) (2 hrs. $16 per hr.) 15,500 hrs. $16.50 per hr. (2 hrs. $12 per hr.) $195,000 7,900 Exercise 21-9 Direct materials variances LO P2 Compute the direct materials price variance and the direct materials quantity variance. Indicate whether eachw unfavorable AQ- Actual Quantity SQ = Standard Quantity