(2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. Compute the direct materlals price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) (i) Compute ure uneci matendis phice anu quantiy vallakes. (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, unfavorable, or no variance.) Exercise 21-15 (Algo) Direct materials and direct labor variances LO P3 The following information relates to production actlvities of Mercer Manufacturing for the year. \\[ \\begin{array}{l} A R=\\text { Actual Rate } \\\\ S R=\\text { Standard Rate } \\\\ A Q=\\text { Actual Quantity } \\\\ S Q=\\text { Standard Quantity } \\\\ A P=\\text { Actual Price } \\\\ S P=\\text { Standard Price } \\end{array} \\] (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances