3 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 16,000 pounds at $4.05 per pound 16,635 hours at $19 per hour 30,000 0.5 pound at $4.00 per pound 0.5 hour at $20 per hour AR = Actual Rate SR = Standard Rate Book Hint AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Print (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. 0 erences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost Required 1 Required 2 > 3 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 16,000 pounds at $4.05 per pound 16,635 hours at $19 per hour 30,000 0.5 pound at $4.00 per pound 0.5 hour at $20 per hour AR = Actual Rate SR = Standard Rate ook lint AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price rint (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. rences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost Standard Cost