(4) unpute ure urect idvor tate dilu enctericy vailices. Complete this question by entering your answers in the tabs below. Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unf (4) Lumpule ure Girect iavoi rate anu emciency vailailes. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable variance.) 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=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice 17,ege pounds at $4,55 per pound 17,635 hours at $29 per hour 32,06 0.5e pound at 54.58 per pound e.5e hour at $30 per hour (1) Compute the direct materiais price and quantity variances. (2) Compute the direct labor rate and efficiency variances