The following information descibes production activities of Mercer Manufacturing for the year Actual direct materials used Actual direct labor used Actual units produced 16,800 lbs. at $4.85 per lb. 5,545 hours for a total of $1e5,355 39 , eee Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 $20 per hour. per pound and 10 minutes of direct labor at AH Actual Hours SH Standard Hours cesAR 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 variances (2) Compute the direct labor rate and efficiency variances Indicate whether each variance is favorable or unfavorable Complete this question by entering your answers in the tabs below