Below is the information for Burgundy Company for the $2022$ year.

Items Static Budget Actual Data Flexible Budget

Production in Units $70,00068,00068,000$

Direct Material Inputs $($in pounds$)196,000176,800$

Direct Labor Hours $245,000255,000$

Direct Labor Costs $$3,552,500$ $$3,595,500$

Direct Material Purchases $($in pounds$)249,900245,000$

Direct Material Price Variance $($Credit Bal.$)$ $$34,300$

Burgundy uses a standard cost system and records all variances as early as possible. Burgundy set a standard price for direct materials of $$3\mathrm{.}20$ a pound.

Provide the following related to direct materials:

$1.$ The actual price paid per pound for direct materials

$2.$ The direct material quantity $($usage$)$ variance

$3.$ The journal entry to record the purchase of direct materials.

$4.$ The journal entry to record the usage of direct materials.

Provide the following related to direct labor:

$1.$ The standard rate set for direct labor

$2.$ The standard time set for direct labor

$3.$ The price variance for direct labor