13 Question 7 The following standed costs per unit, of one product, have been taken from the reconds of Bahrain Company Direct materiale 5 kg at 53 per kg Direct labor 2.5 hours at $10 per ho Actual sleta for last mooth Units produced: 12,000 Direct labor hours: 22.000 Direct materials used 15,000 kgs Direct labor rate per hour: 59 Direct material price: $4 per kg Direct materials purchased: 100.000 kgs Required: 7 (a) Compute the price and efficiency variances for direct materials and direct labor. Direct material price variance to be calculated at the time of purchase (5 marks) (b) Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor For the toolbar, press ALT+F10 (PC) or ALT-FN 110 (Mar B IVS Paragraph 32 Arial 10 x' x (5 marks) I "Q