The following information describes production activities of Mercer Manufacturing for the year:

Actual raw materials used Actual factory payroll Actual units produced 23,000 lbs. at $4.40 per lb 6,580 hours for a total of $129,626 36,000 Budgeted standards for each unit produced are 0.50 pounds of raw material at $4.20 per pound and 10 minutes of direct labor at $20.70 per hour (1) Compute the direct materials price and quantity variances. (Round your answers to 2 decimal places.) Actual Cost Standard Cost S 4.40