Can the Can Ltd manufactures recyclable soft drink cans. A unit of production is a box of 12 cans. The following standards have been set by the production engineering staff and the factory accountant: Direct material Quantity: 4 kilograms Price: $0.90 per kilogram Direct labour Quantity: 0.25 hour Rate: $33 per hour Actual material purchases amounted to 240,000 kilograms at $0.93 per kilogram. Actual costs incurred in the production of 50,000 units were as follows: Direct material Direct labour $195,300 for 210,000 kilograms $448,500 for 13,000 hours Required: 1. Prepare journal entries to record: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (a) The purchase of direct materials and the direct material price variance. (b) The use of direct material in production and the direct material quantity variance. (c) The use of direct labour and direct labour variances. (d) The closing of variances to cost of goods sold