v ezto.mheducation.com + M Question 16 - Final Exam - Connect Course Hero Final Exam Saved Help Save & Exit Submit You have ONE MINUTE remaining to complete your 16 A company reports the following for one of its products. work. @ Direct materials standard (4 pounds @ $3 per pound) $ 12 per unit 8 Actual direct materials used (AQ) 330, 000 pounds 00:00:46 Actual units produced 68, 000 units Actual cost of direct materials used $ 907 , 500 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost AQ AP AQ x SP SQ SP 330,000 330,000 $ 0 $ $ of