15 points Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines toer unit of product Standard Actual Cost Cost Direct materials: Standard: 4.0 metres at $4.10 per metre $16.40 Actualt 4.4 metres at $3.85 per setre $16.94 Direct labour: Standard 2.1 hours at 54.58 per hour 9.45 Actualt 1.8 hours at 54.85 per hour 8.73 Variable manufacturing overhead: Standard: 2.1 hours at $1.90 per hour 3.99 Actual: 1.8 hours at $2.25 per hour 4.es Fixed manufacturing overhead: Standard: 2.1 hours at $3.50 per hour 7.35 Actual 1.8 hours at $3.55 per hour 6.39 Total cost per unit 532-10 335.11 Pent Actual costat 4,500 units at $36.11 Standard costs: 4.500 units at $37.19 Difference in cost-favourable $162,495 167,355 $4,868 During this period, the company produced 4,500 units of product. A comparison of standard and actual costs for the period on a total cost basis is also given above. There was no inventory of materials on hand to start the period. During the period, 19.800 metres of materials was purchased and used in production. The denominator level of activity for the period was 8.240 hours Required: 1. For direct materials: a. Compute the price and quantity variances for the period. (Indicate the effect of each variance by selecting "F* for favourable. U for unfavourable, and "None" for no effectie.rero variance) Help Save & Exit Submit Check my w Required: 1. For direct materials: a. Compute the price and quantity variances for the period. (Indicate the effect of each variance by selecting "P" for favourable. "U" for unfavourable, and "None" for no effect (.e., zero variance).) Price variance Quantity variance b. Prepare lournal entries to record all activity relating to direct materials for the period. b. Prepare journal entries to record all activity relating to direct materials for the period. View transaction list Journal entry worksheet