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Exercise 8-15(Algo) Direct materials and direct labor variances LO P3The following information relates to production...

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Accounting

Exercise 8-15(Algo) Direct materials and direct labor variances LO P3The 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
AR= Actual Rate
SR= Standard Rate
AQ= Actual Quantity
SQ= Standard Quantity
AP= Actual Price
SP= Standard Price
AQ= Actual Quantity
SQ= Standard Quantity
AP = Actual Price
SP= Standard Price
REQUIRED (1) Compute the direct materials price and quantity variances.
REQUIRED (2) Compute the direct labor rate and efficiency variances.
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