(Solved): The following information relates to production activities of Mercer Manufacturing for the year. Ac ...

The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor 18,000 pounds at $\$5.05$ per pound 18,635 hours at $\$39$ per hour 34,000 0.50 pound at $\$5.00$ per pound 0.50 hour at $\$40$ per hour AR $=$ Actual Rate $\mathrm{SR}=$ Standard Rate $\mathrm{AQ}=$ Actual Quantity $\mathrm{SQ}=$ Standard Quantity AP $=$ Actual Price $\mathrm{SP}=$ Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorabl variance.) Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, ur