1 000 48. Information relating to direct labor for the Newstead Company follow Actual direct labor hours Standard direct labor hours Total direct labor per payroll Standard labor rate per hour 5,600 ,400 $53,200 9.00 The entry to record the direct labor cost is: 53, 48.600 Payrol b. Work in process : 400 Labor zate varlance 53, 200 Payroli 48,600 2, 800 1,800 c. Nork in process Labor rate variance Labor erfietency variance 53,200 Payroll 51,400 1, 800 d. Work in process Labor erriciency variance 53, 200 Payrol.1 began its operations on January 1 and produces a single product that sells for $35.00 per 49. PHI Company unit 5,000 units were produced and 4,000 units were sold during the year Standard costs per unit follow: Standard cost Raw materials Direct labor Factory overhead $12.50 6.50 4.00 What is entry to record the finished goods? Work in process Work in process 115,000 92,000 115, 000 92,000 a. Finished goods b. Finished goods c. Work in process d. Cost of goods sold 115,000 92,000 115,000 92,000 Finished goods Finished goods In a standard cost system,when the materials price variance is recorded at the time the material is purchase the materials purchase price variance is obtained by multiplying the: a. Actual price by the difference between actual quantity purchased and standard quantity used