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The following information describes production activities of Mercer Manufacturing for the year: Actual raw materials used 31,000 lbs. at $5.80 per lb. Actual factory payroll

The following information describes production activities of Mercer Manufacturing for the year:

Actual raw materials used 31,000 lbs. at $5.80 per lb.
Actual factory payroll 10,600 hours for a total of $217,300
Actual units produced 63,000

Budgeted standards for each unit produced are 0.50 pounds of raw material at $5.75 per pound and 10 minutes of direct labor at $21.50 per hour.

Compute the direct materials price and quantity variances. (Round your answers to 2 decimal places.)

Actual Cost Standard Cost
$5.80

Compute the direct labor rate and efficiency variances. (Do not round your intermediate calculations. Round your answers to 2 decimal places.)

Actual Cost Standard Cost

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