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Balley's materials quantity variance for the current month was exactly one-haif of its materials price variance. Both variances were unfavorable. The company's cost accountant has supplied the following standard cost information: Required: a. Compute Bailey's materials price variance. b. Compute the standard quantity of materials allowed for producing 700 units of product. c. Record the journal entry to charge Work in Process for the cost of materials used during the month. d-1. Assume Bailey's overhead volume variance is four times the amount of its materials quantity variance. Compute Bailey's volume variance. d-2. How do you know if Bailey's volume variance is favorable or unfavorable? Complete this question by entering your answers in the tabs below. Compute Bailey's materials price variance. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable": Select "None" and enter "0" for no effect (i,e, zero variance). Complete this question by entering your answers in the tabs below. Compute the standard quantity of materials allowed for producing 700 units of product. Note: Do not round your intermediate values. Complete this question by entering your answers in the tabs below. Record the journal entry to charge Work in Process for the cost of materials used during the month. Note: If no entry is required for a transactionvevent, select "No joumal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Assume Bailey's overhead volume variance is four times the amount of its materials quantity variance. Compute Bailey's volume variance. Complete this question by entering your answers in the tabs below. How do you know if Bailey's volume variance is favorable or unfavorable