Check my work Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year. points Skipped Actual direct materials used 25,000 lbs. at $4.60 per lb. Actual direct labor used 6,050 hours for a total of $120,395 Actual units produced 36,000 eBook Hint Print Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.55 per pound and 10 minutes of direct labor at $20.90 per hour. References AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. IMC Graw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2. Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Actual Cost Standard Cost $ 0 $ 0 I ON Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Do intermediate calculations.) Actual Cost Standard Cost $ 0 $ 0 $ 0