Exercise 8-15 (Algo) Direct materials and direct labor variances LO P3 The following information relates to production activities of Mercer Manufacturing for the year. 2ctual direct materiale ased Retuel direct labor used Actuel direct labor ised Atand indts produced Stansterd cuntly and price pee undt for direct aaterials 16, 169 pounds at $4.10 per poond 16,735 hours at $20 pee hour Standard cuant1ty and rate per unft for direct labor 30,269 AR= Actual Rote 6.50 pound at 54,65 per, pound Q.50 hour at $21 per hour SR= Standard Rate AQ=Actuali Quantity SO= Standard Quantity AP= Actisal Price SP= Standard Pnce (1) Compute the direct materials price and quantity variances. (2) Compune the direct tabor rate and efficiency variances. AQ=AcualQuantitySQ=StendardQuantityAP=ActualPriceSP=StandardPrice (1) Coinpuie the cirect moterials price and quantity variances. (2) Compute the ciriect tabor rate and efficiency variances Complete this question by entering your answers in the tabs below. varianch.) (1) Compute the direct materials ptice and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below