The following information relates to production activities of Mercer Manufacturing for the year Actual direct materials used 17,400 pounds at $4.75 per pound Actual direct labor used 18,035 hours at $33 per hour Actual units produced 32,800 Standard quantity and price per unit for direct materials 0.59 pound at $4.70 per pound Standard quantity and rate per unit for direct labor 0.50 hour at $34 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 Required 1 Required 2 Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting favorable, unfavc variance.) Actual Cost Standard Cost $ 0 $ 0 $ 0 0 Renutud Required 2 > Required 1 Required2 Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorabl Standard Cost Actual Cost $ 0 $ 0 5 0 0