Question 1 (of 1) 1. points 15.00 points Exercise 8-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year Actual direct materials used 33,000 lbs. at $5.90 per lb Actual direct labor used used 10.700 hours for a total of $221,490 Actual units produced 63,000 Budgeted standards for each unit produced are 0 minutes of direct labor at $21.70 per hour (1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) laf 18