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 Actual direct materials used Actual direct labus Actual units pro Standard antity and price per unit for direct materials Standard quantity and rate per unit for direct later AR-Actual Rate SR Standard Rate AQ - Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price (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. 1 17,600 pounds at $4.05 pound 18,235 hours at $55 per have 8.50 hour at $16 per hour Compute the direct labor rate and efficiency variances. Indicate the effect of each variance by selecting fable, univerable, or no variance) Actual Cast Standar Cost AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price (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. Required 1 Requred 2 Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Actual Cost 0 $ 0] 0