Required information Use the following information for the Exercises below. (Algo) [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 Quantity and Cost 6 pounds $8 per pound 3 DLH @ $15 per DLH 3 OLH $13 per DLH Actual Results 45,000 pounds @$8.20 per pound 21,900 hours @$15.60 per hour $ 294,200 7,400 units Exercise 21-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each varian selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Actual Cost AQ 45,000 AP $ 8.20 $369,000 Direct labor rate variance. Direct labor efficiency variance Total direct materials variance $ 9,000 AQ 45,000 x SP x $ 8.00 $ 360,000 $ 9,000 Unfavorable 0 Favorable Unfavorable. $ 0 Standard Cost SQ x SP x $ 8.00