relates to production activities of Mercer Manufacturing for the year. Actual 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 AQ Actual Quantity SQ Standard Quantity Actual Price AP SP Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. 16,900 pounds at $4.50 per pound 17,535 hours at $28 per hour 31,800 0.50 pound at $4.45 per pound 0.50 hour at $29 per hour Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ 16,900 AP x $ 4.50 $ 76,050 S 845 Standard Cost AQ 16,900 X SP SQ x SP X S 4.45 1,590 X $ 4.45 $ 75,205 $ 7,076 $ 845 Unfavorable 68,129 Unfavorable $ 68,974 Unfavorable $68,129 Required 1 Required 2 > Required 1 Required 2 Compute the direct labor rate and efficiency variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost Standard Cost AQ x $ 0 $ 0 0