b. Prepare journal entries to record the purchase of materials and the use of materials in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Genola Fashions began production of a new product on June 1. The company uses a standard cost system and has established the following standards for one unit of the new product: During June, the following activity was recorded for the new product: a. Purchasing acquired 7,800 yards of material at a cost of $5.02 per yard. b. Production used 6,700 yards of the material to manufacture 1,700 units of the new product. c. Production reported that 765 direct labor-hours were worked on the new product at a cost of $9,180. Required: 1. For direct materials: a. Compute the materials price and quantity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) b. Prepare journal entries to record the purchase of materials and the use of materials in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits