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2 The following information describes production activities of Mercer Manufacturing for the year: Actual raw materials used 26,000 lbs. at $4.70 per lb. Actual factory

2

The following information describes production activities of Mercer Manufacturing for the year:

Actual raw materials used

26,000 lbs. at $4.70 per lb.

Actual factory payroll

9,250 hours for a total of $185,000

Actual units produced

54,000

Budgeted standards for each unit produced are 0.50 pounds of raw material at $4.65 per pound and 10 minutes of direct labor at $21.00 per hour.

(1)

Compute the direct materials price and quantity variances

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