7. 20 Points The following information describes production activities of Mercer M the year: anufacturing for Actual raw materials used 16,000 lbs. at $4.05 per lb. Actual factory payroll 5,545 hours for a total of Actual units produced 30,000 $105,355 Budgeted standards for each unit produced are 0.50 pounds of raw material at $4.00 per pound and 10 minutes of direct labor at $20 per hour decimal (1)Compute the direct materials price and quantity variances. (Round actual price to 2 places.)