The following information relates to production activities of Mercer Manufacturing for the year. Accual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR Actual Rate SR-Standard Rate AC Actual Quantity SO 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. 17,600 pounds at $4.85 per pound 18.235 hours at $35 per hour 0.50 pound at $4.80 por pound 0.50 hour at $56 per hour Required 1 Required 2 Compute the direct labor rate and efficiency variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. ACOUT COSt Required 1 Standard Cost