Exercise 21-15 (Algo) Direct materials and direct labor variances LO P3 The following intormation relates to production activites of Mercer Manufacturing for the yeat. AR=ActualRateSR=StandardRateAQ-ActualQuantitySQ-StandardQuarnityAP=ActualPnceSP=StandardPnce (1) Compute the direct matenals price and quantity varnances. (2) Compute the direct labor rate and efficlency variances. Complete this question by entering your answers in the tabs below, Compute the direct moterials price and quantity variances, (ingicath the effect of each variance by selecting favorable, whfovarable. or no Varrace. Exercise 21-15 (Algo) Direct materials and direct labor variances LO P3 The following information relates to production activities of Mercer Manufacturing for the year. AR=ActualRateSR=StandardRateAQ=ActualQuantitySQ=StandardQuanttyAP=ActualPriceSP=StandardPnce (1) Compute the direct materials price and quantity variances (2) Compute the direct labor rate and efficlency variances. 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, unfavorable, or no variance