The following describes production activities of Mercer Manufacturing for the year Actual direct materials used Actual direct labor used Actual units produced 29,000 lbs, at $5.18 per 1b. 8,100 hours for a total of $164,438 48,000 Budgeted standards for each unit produced are 0.50 pound of direct material at $5.05 per pound and 10 minutes of direct labor at $22.00 per hour AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Required 1 Required 2 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Do not round intermediate calculations) Standard Cost Actual Cost SP X SO SP AP X x x X $ 0 5 0 s Required 2 > Required 1 Required 2 Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Do not round Intermediate calculations.) Actual Cost Standard Cost 0 $ 0 $ 0 $ 0 0