Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials are purchased, and prorates all variances at year-end. Variances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manulacturing overhead are prorated to Finished Goods inventory and to Cost of Goods Sold (COGS) on the basis of the relative direct labor cost in these accounts at yearend The following information is for the year ended December 31 : The company had no beginning inventories and no ending Work-in-Process (WIP) inventory. It applies manufacturing overhead at 80% of standard direct labor cost. Required: 1. Compute the amount of Direct Materals Price Variance to be prorated to Finished Goods inventory at December 31. 2. Compute the total omount of direct moterials cost in the Finished Goods inventory ot December 31, ofter all materiats variances have been prorated. 3. Compute the totat amount of direct labor cost in the Finished Goods inventory at December 31, after all variances have been prorated. 4. Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances hove been prorated. Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials are purchased, and prorates all variances at year-end. Variances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manulacturing overhead are prorated to Finished Goods inventory and to Cost of Goods Sold (COGS) on the basis of the relative direct labor cost in these accounts at yearend The following information is for the year ended December 31 : The company had no beginning inventories and no ending Work-in-Process (WIP) inventory. It applies manufacturing overhead at 80% of standard direct labor cost. Required: 1. Compute the amount of Direct Materals Price Variance to be prorated to Finished Goods inventory at December 31. 2. Compute the total omount of direct moterials cost in the Finished Goods inventory ot December 31, ofter all materiats variances have been prorated. 3. Compute the totat amount of direct labor cost in the Finished Goods inventory at December 31, after all variances have been prorated. 4. Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances hove been prorated