The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 16,000 lbs. at $%4.05 per 1b. 5,545 hours for a total of $105,355 30,000 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 per hour AQ Actual Quantity Sa Standard Quantity AP Actual Price SP Standard Price AH-Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate (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. Complete this question by entering your answers in the tabs below Required1Required 2 Compute the direct materials price and quantity variances Actual Cost Standard Cost AQ AP AQ SP SQ SP 0 0 Direct materials price variance Direct materials quantity variance Total direct materials variance Required 2>