Butrlco Manuiacturing Corporation uses a standard cost system. records materials price variances wl'len direct materials are purchased, and prorates all variances at yearend, 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 manufacturing overhead are prorated to Finished Goods inventory and to Cost of Goods Sold ((263) 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 (WIF') Inventory. It applies manufacturing overhead at 80% of standard direct labor cost. Finished Igoods inventory at 1:21-31: Direct materials 5 991180 Direct labor 1\Required: 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 3?. 2. Compute the total amount of direct materials costar the Finished Goods Inventory at December 31. after all materials variances have been prorated. 3. Compute the total 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 (CGSJfor the year ended December 31. after all variances have been prorated. [For all requirements, round your Immediate calculations and nal answers to the nearest whole dollar amount.) . Direct materials price variance . Dlrect materials cost _ Direct labor coat . Coat of goods sold