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Tercer reports the following for one of its products

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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. 

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