The following Information describes production activities of Mercer Manufacturing for the year. 2:36:56 Netual direct materials used Actual direct labor used Actual units produced 23,000 lbs. at $4.40 per lb. 6,580 hours for a total of $129,626 36.000 Book Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.20 per pound and 10 minutes of direct laborat $20.70 per hour. Print AQ - Actual Quantity SQ - 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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Check my wc - J ouri 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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Do not round Intermediate calculations.) Actual Cost Standard Cost Required 2 > Help Save & Exit Submit Check my work 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. 12:36:25 Book Complete this question by entering your answers in the tabs below. Hint Drin Required 1 Required 2 sterences Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Do not round intermediate calculations.) Actual Cost Standard Cost