Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year: Actual direct materials used Actual direct labor used Actual units produced 16,000 lbs. at $4.05 per lb 5,545 hours for a total of $105,355 30,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 per pound and 10 minutes of direct labor at $20 per hour. (Do not round intermediate calculations.) (1) Compute the direct materials price and quantity variances Actual Cost Standard Cost AQ AP AQ SP SQ SP This is a numeric cell, so pleae enter numbers only Direct materials price variance Direct materials quantity variance Total variable overhead cost variance