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Exercise 21-15(Algo) Direct materials and direct labor variances LO P3 The following information relates...

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Accounting

Exercise 21-15(Algo) Direct materials and direct labor variances LO P3
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
AR= Actual Rate
SR= Standard Rate
AQ= Actual Quantity
SQ= Standard Quantity
AP= Actual Price
SP= Standard Price
17,100 pounds at $4.60 per pound 17,735 hours at $30 per hour 32,200
0.50 pound at $4.55 per pound
0.50 hour at $31 per hour
(1) Compute the direct materials price and quantity variances.
(2) Compute the direct labor rate and efficiency variances.
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