Assume Drake Consulting has created a standard cost card for each job. Standard direct materials per job include 11 software packages at a cost of $1,050 per package. Standard direct labor costs per job include 110 hours at $175 per hour. Drake plans on completing 8 jobs during March 2018. Actual direct materials costs for March included 80 software packages at a total cost of $85,600. Actual direct labor costs included 130 hours per job at an average rate of $183 per hour. Drake completed all 8 jobs in March Read the requirements Requirement 1. Calculate direct materials cost and efficiency variances Select the formula to calculate direct materials cost and efficiency variances, then enter the variance amounts. (Abbreviations used: AC-actual cost AQactual quantity; FOH fixed overhead; SC standard cost SQ standard quantity. Label each variance as favorable (F) or unfavorable (U).) Formula Requirements Variance Direct materials cost variance Direct materials efficiency variance 1. 2. 3. Calculate direct materials cost and efficiency variances. Calculate direct labor cost and efficiency variances Prepare joumal entries to record the use of both materials and labor for March for the company. Print Done