The following information relates to production activities of Mercer Manufacturing for the year. Actual 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. 17,600 pounds at $4.85 per pound 18,235 hours at 335 per hour 33,200 0.50 pound at $4.88 per pound 8.50 hour at 336 per hour