zto.mheducation.com Ch 08 Ex 8-15 g question | Chegg Exercise 8-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year: Actual direct materials used29,000 bs. at S5.10 per lb Actual direct labor used 8,100 hours for a total of $164,430 Actual units produced 48,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $5.05 per pound and 10 minutes of direct labor at $22.00 per hour (1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Actual Cost Standard Cost (2) Compute the direct labor rate and efficiency varlances. Indicate whether each variance is favcrable or unfavorable