Cho Two Genola Fashions began production of a new product on June 1. The company uses a standard cost system and has established the following standards for one unit of the new product: Standard Quantity Standard Price Standard be Houn or Rate Cost Direct 3.9 yards materials $5.90 per yord $23.01 Direct labor 02 hours $10,60 per hour $212 During June, the following activity was recorded for the new product a. Purchasing acquired 9,000 yards of material at a cost of $5.70 per yard b. Production used 7900 yards of the material to manufacture 1600 units of the new product Production reported that 825 direct labor hours were worked on the new product at a cost of $9725 Required: 1. For direct materials Compute the materials price and quantity variances (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, tero variance):) Record the purchase of materials. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 2. For direct labor. S a. Compute the labor rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Labor rate variance Labor efficiency vanance b. Prepare a journal entry to record the incurrence of direct labor cost for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet