Exercise $21-15$ Direct materials and direct labor variances P$3$

The following information relates to production activities of Mercer Manufacturing for the year.

$\backslash$table$[[$Actual direct materials used,$16,000lbs.$ at $$4\mathrm{.}05$ per lb$.],[$Actual direct labor used,$16,635$ hours at $$19$ per hour$],[$Actual units produced,$30,000],[$Standard quantity and price per unit for direct materials,$0\mathrm{.}5lb.$ at $$4\mathrm{.}00$ per lb$.],[$Standard quantity and rate per unit for direct labor,$0\mathrm{.}5$ hour at $$20$ per hour$]]$

Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.

Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable.

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