The following information describes production activities of Mercer Manufacturing for the year: Actual direct materials used 17,000 lbs. at $4.20 per lb. Actual direct labor used 5,550 hours for a total of $106,005 Actual units produced 30,030 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 per pound and 10 minutes of direct labor at $20.00 per hour. (1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.)