7. 20 Points The following information describes production acti the year: vities of Mercer Manufacturing for Actual raw materials used 16,000 Ibs. at $4.05 per Ib. Actual factory payroll 5,545 hours for a total of Actual units produced 30,000 Budgeted standards for each unit produced are 0.s0 pounds of raw material at $4.00 per pound and 10 minutes of direct labor at $20 per hour. (1)Compute the direct materials price and quantity variances. (Round actual price to 2 decimal places.)