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Exercise 21-15 (Algo) Direct materlals and direct labor varlances LO P3 The following information relates to production activities of Mercer Manufacturing for the year. Actunl direct materials used Actual direct labor used 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 AO = Actuat Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 17,700 pounds at $4.90 per pound 18,335 hours at $36 per hour 33,400 0.50 pound at $4.85 per pound 0.50 hour at 537 per hour (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. (indicate the effect of each variance by selecting favora variance.) (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