1.26 Direct Materials and Direct Labor Variances Bemer Company produces a dark chocolate candy bar. Recently, the company adopted the following standards for one bar of the candy Direct materials (8.2 OL $0.09) $0.738 Direct labor (0.07 ht $18.00) Standard prime cost 51.998 During the first week of operation, the company expenenced the following actual results: 1. Bars produced: 78,000 b. Ounces of direct materials purchased: 640,000 ounces at $0.01 per ounce c. There are no beginning or ending inventories of direct materials. d. Direct labor: 5.510 hours at $15. Required: 1. Compute ppt and usage variances for direct materials Materials Price Variance Materials Usage Variance 2. Compute the rate variance and the efficiency variance for direct labor Laborate Variance Labor Udency Varance 5. Wepare the journal entre associated with direct materials and direct labor. If an amount box does not require an entry, leave it blank. If an amount is zero, enter"0" 3. Prepare the journal entries associated with direct materials and direct laborIf an amount box does not require an entry, leave it blank. If an amount is zero, enter"O". Record purchase of materials Record use of materials III III 11 II III Becord labor varances