Please use explanations so I can see how the work was actually completed for future problems.

The following information describes production activities of Mercer Manufacturing for the year Actual raw materials used Actual factory payroll Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51,000 Budgeted standards for each unit produced are 0.50 pounds of raw material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. (1)Compute the direct materials price and quantity variances. (Round your answers to 2 decimal places.)