The following information relates to production activities of Mercer Manufacturing for the year. Actual direct inaterials used 17,680 pounds at $4.85 per pound Actual direct Iabor used 18,235 hours at $35 per hour Actual units produced 33,260 Standard quantity and price per unit for direct materials 0.50 pound at $4.8 per pound Standard quantity and rate per unit for direct labor 0.50 hour at $36 per hour AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfixvorable, or no variance.)