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

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Accounting

The following information relates to production activities of Mercer Manufacturing for the year.
Actual direct materials used 17,500 pounds at $4.80 per pound
Actual direct labor used 18,135 hours at $34 per hour
Actual units produced 33,000
Standard quantity and price per unit for direct materials 0.50 pound at $4.75 per pound
Standard quantity and rate per unit for direct labor 0.50 hour at $35 per hour
AR = Actual Rate
SR = Standard Rate
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
(1) Compute the direct materials price and quantity variances.
(2) Compute the direct labor rate and efficiency variances

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