Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Sales (units produced and sold) Sales (in dollars) Variable costs Fixed costs Prepare flexible budget performance report Fixed Budget 1,300 $ 800 per unit $320 per unit $ 140,000 Actual Results 1,500 $ 1,245,000 $ 492,000 $ 132,000 The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used i Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor 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. 16,100 pounds at $4.10 per pound 16,735 hours at $20 per hour 30, 200 8.50 pound at $4.05 per pound 0.50 hour at $21 per hour