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[The following information applies to the questions displayed below.] A manufactured product has the following...

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Accounting

[The following information applies to the questions displayed below.] A manufactured product has the following information for June.

Standard Quantity and Cost Actual Results
Direct materials 7 pounds @ $7 per pound 52,200 pounds @ $7.10 per pound
Direct labor 2 DLH @ $17 per DLH 14,600 hours @ $17.50 per hour
Overhead 2 DLH @ $12 per DLH $ 183,200
Units manufactured 7,400 units

Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by 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

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