ers 21 , 23, 24 Saved The following information describes production activities of Mercer Manufacturing for the year Actual direct materials used ctual direct labor used ctual units produced 18,000 ibs, at $4.15 per 1b. 5,555 hours for a total of $106,656 30,060 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.10 per pound and 10 $20.20 per hour AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH = Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or u Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Actual Cost Standard Cost