The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 36,000 lbs. at $6.05 por lb. 11,100 hours for a total of 6233,100 66.030 Budgeted standards for each unit produced are 0.50 pounds of direct material at $6.00 per pound and 10 minutes of direct laborat $22.00 per hour AQ - Actual Quantity SQ - Standard Quantity AP Actual Price SP - Standard Price AH - Actual Hours SH - Standard Hours AR Actual Rate SR Standard Rote (1) Compute the direct materials price and quantity variances. (2) Compute the direct lobor rate and efficiency variances. Indicate whether each vadiance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the direct materials price and quantity variances. (Do not round Intermediate calculations.) Actual Cost Standard Cont Required 1 Requidad 2 Required 2 Compute the direct materials price and quantity variances. (Do not round Intermediate calculations.) Actual Cost Standard Cost Resulted Required 2 > Required 1 Requimed 2 Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Do intermediate calculations.) Actual Cost Standard Cost