b. Prepare journal entries to record all actlvity relating to direct materlals for the perlod. Journal entry worksheet Hallburton 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 perlod are given below for one of the company's product lines (per unit of product): B Record the materials price variance. Note: Enter debits before credits. During this period, the company produced 9,000 units of product. A comparison of standard and actual costs for the perlod on a total cost basis is also given above. There was no Inventory of materials on hand to start the period. During the perlod, 21,600 metres of materials was purchased and used in production. The denominator level of activity for the period was 11,140 hours. Required: 1. For direct materlals: a. Compute the price and quantity varlances for the perlod. (Indlcate the effect of each varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero varlance).)