Bird Productions uses a standard cost system for all manufacturing items. For the month of November, the following activities have taken place: Units of output budgeted for production 50,000 Actual units produced 60,000 Actual units sold 55,000 Direct materials purchased 150,000 pounds Direct materials used in production 130,000 pounds Direct materials - actual price per pound $2.20/ pound Direct materials - standard price per pound $2.00/ pound Direct materials - standard quantity per unit 2 pounds/ unit of of output output Direct labor-actual cost per hour $21.00/ DLH Direct labor - actual direct labor hours used 250,000 DLH Direct labor - standard cost per direct labor hour $20.00/ DLH Direct labor - standard hours per unit output 4 DLH/ unit output b. Required: Calculate the related price and quantity (or efficiency) variances for direct materials and direct labor. Record the necessary journal entries to: Purchase direct materials Place direct materials into production a