The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 26,000 lbs. at $4.70 per 1b. 9,250 hours for a total of $185,000 54,900 AH- Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate AQ-Actual Quantity SQ Standard Quantity AP- Actual Price SP Standard Price Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.65 per pound and 10 minutes of direct labor at $21.00 per hour. (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