The following information describes production activities of Mercer Manufacturing for the year 16,000 lbs. at $4.05 per lb. 5,545 hours for a total of $105,355 30,000 Actual direct materials used Actual direct labor used Actual units produced 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 (1) Compute the direct materials price and quantity variances. Actual Cost Standard Cost (2) Compute the direct labor rate and efficiency variances Actual Cost Standard Cost