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A company reports the following for one of its products. Direct materials standard (4...

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Accounting

A company reports the following for one of its products.
Direct materials standard (4 pounds $3 per pound)
Actual direct materials used (AQ)
Actual units produced
Actual cost of direct materials used
$12 per unit
290,000 pounds
60,000 units
$783,000
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.
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