he following Informatlon describes production acivities of Mercer Manuracturing lor the year Actual direct materials used Actual direct labor used Actual units produced 25,000 1bs. at $4.60 per lb. 6,050 hours for a total of $120,395 36,000 Budgeted standards for each unit produced are 0 50 pounds of direct material at $4.55 per pound and 10 minutes of direct labor at $20.90 per hour AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours AR Actual Rate SR#Standard Rate (1) Compute the direct materials price and quantity varlances (2) Compute the direct labor rate and efficiency varlances. Indicate whether each varlance is favorable or unfavorable. Complete this question by entering your answers in the tabs below Required 1 Required 2 Compute the direct materials price and quantity variances. (Do not round intermediate colculations.) Actual Cost Standard Cost