Tercer reports the following for one of its products

Management Nov 12, 2020

Tercer reports the following for one of its products.
Direct materials standard (4 lbs. @ $3 per lb.) 12 per finished unit Actual direct materials used (AQ) 330,000 lbs. Actual finished 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 classify each as favorable. unfavorable or no variance.