Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year: Actual direct materials used Actual direct labor used Actual units produced 30,000 lbs. at $5.15 per Ib. 9,150 hours for a total of $186,660 54,120 Budgeted standards for each unit produced are 0.50 pounds of direct material at $5.10 per pound and 10 minutes of direct labor at $21.40 per hour. (1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Actual Cost Standard Cost $ 0 $ 01 (2) Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Do not round intermediate calculations.) Actual Cost Standard Cost $ 0 $ 0 $ 0 0