The following information describes production activities of Mercer Manufacturing for the yeer Actual direct materials used Actual direct labor used Actual units produced 18,000 1bs, at $4.15 per lb. 5,555 hours for a total of $186,656 30,060 Budgeted standards $2020 per hour. for each unit produced are 0.50 pounds of direct material at $410 per pound and 10 minutes of direct labor at AQ Actual Quantity SQ Standard Quantity AP Actual Price SP -Standard Price AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate (m Compute the direct materials price and quantity variances erences (2) Compute the direct labor variances. I rate and efficiency variances. Indicate whether each variance is favorable or unfavorable Complete this question by entering your answers in the tabs below Compute the direct materials price and quantity (Do not round int Type here to search