The foilowing intormation relates to production activities of Mercer Manufacturing for the year AR = Actuarkate SR = Standard kote AQ= Actual Quanty SQ= Standard Quantty AP = Actual Price SP = Standard Price (1) Compute the direct materals pnce and quantity varances. (2) Compute the direct labor rate and efficlency 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 varlance br selecting favorable, uniavorable, or no variance.) Complete this question by entering your answers in the tabs below