The following describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 31,000 lbs. at $5.00 per 1b.) 10,600 hours for a total of $217,300 63,000 Budgeted standards for each unit produced are 0.50 pound of direct material at $5.75 per pound and 10 minutes of direct labor at $21.50 per hour. Standard Hours AH Actual Hours SH AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity Standard Price AP Actual Price SP 1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of ach variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) 2) Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Indicate the effect of each ariance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below.