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

Actual raw materials used	17,000 lbs. at $4.20 per lb.
Actual factory payroll	5,550 hours for a total of $106,005
Actual units produced	30,030

Budgeted standards for each unit produced are 0.50 pounds of raw material at $4.00 per pound and 10 minutes of direct labor at $20.00 per hour.

(1)	Compute the direct materials price and quantity variances. (Round your answers to 2 decimal places.)

1) Compute the direct materials price and quantity variances. (Round your answers to 2 decimal places.) Actual Cost Standard Cost $4.20