Exercise 8-15 (Algo) Direct materials and direct labor variances LO P3 The following information relates to production activites of Metcer Manulacturing for the year AR = Actual Rate SR = Standard Roto AQ - Actual Quanty SQ= Standard Quantity AP a Actual Price. SP = Standard Price (1) Compute the direct materials pilice and quantity vartances. (2) Compute the direct labor rate and efficiency variancess. Complete this question by entering your answers in the tabs below. 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. Compute the direct materials price and quantity variances. Note: Indicate the effect of exch variance by selecting favorable, unfovorabie, or no variance. Complete this question by entering your answers in the tabs below. Compute the direct labor rate and efficiency variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance