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Exercise 23-15 (Algo) Direct materials and direct labor variances LO P3 The following information relates to production activities of Mercer Manufacturing for the year. (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. Compute the direct matenals price and quantity variances. (thdicate the effect of each varanco by sesecting favorable, unfaviorable, or nd variance-) (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below