The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 19,000 lbs. at $4.25 per lb. 5,560 hours for a total of $107,308 30,090 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.20 per pound and 10 minutes of direct labor at $20.40 per hour. 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. Required information The following information applies to the questions displayed below.] Hart Company made 4,600 bookshelves using 31,000 board feet of wood costing $359,600. The company's direct materials standards for one bookshelf are 7 board feet of wood at $11.50 per board foot. (1) Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves. AQ Actual Quantity SQ Standard Quantity AP-Actual Price SP Standard Price Actual Cost Standard Cost (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 Complete this question by entering your answers in the tabs below Required 1 Required 2 E 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 Required 1 Required2