The following describes production activities of Mercer Manufacturing for the year Notul direct trinis used Mtual ditet Labor od Actont units prodaond 20,000 tu. At 54.25 per b 3.265 hours for a total of 5240,961 43.030 Budgeted standards for each unit produced are 0.50 pound of direct material at $420 per pound and 10 minutes of direct laborat $20.40 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 (1) Compute the direct materials price and quantity Vartanices and classify each as favorable or unfavorable (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places) (2) Compute the direct sborrate and efficiency variances and classily each as favorables or unfavorable indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Recured Heures 2 Compute the direct materials price and quantity variances and classily each as tavorable or unfavorable. Do not round Intermediate calculations Dandard Coat SP - Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each 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 varlance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Do not round intermediate Calculations.) Actual Cost Standard Cost Regu Required 2 >