2 ebook Hin Prim References The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR Actual Rate SR Standard Rate AQ Actual Quantity SQ-Standard Quantity AP Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate and efficiency variances 16,700 pounds at $4.40 per pound 17,335 hours at $20 per hour 31,400 0.50 pound at $4.35 per pound 0.50 hour at $2 per hour Check my work