Cost Mgmt 2.3 1 of 2 (0 complete) sped while in college. He began building wooden corn hole game sets for friends, hand painted with college rtments: contstruction and painting. In the construction department, the games require wood and labor. Unive * More Info price and ef la! pood University Corn Hole uses standard costing for the game sets. Mike expects that a typical set should take 3 hours of labor in the construction department, and the standard wage rate is $10.00 per hour. An average set uses 21 square feet of wood, allowing for a certain amount of scrap. Because of the nature of the wood, workers must work around the flaws in the materials. Mike shops around for good deals and expects to pay $4.20 per square foot. Mike does not store inventory, and buys the wood as he receives an order. For the month of September, Mike's workers produced 70 corn hole sets using 217 hours and 1,700 square feet of wood. Mike bought wood for $6,500 (and used the entire quantity), and incurred labor costs of $2,050. Print Done and then click Check Answer. Clear All MAR 15 tv W MUM P Homework: Assignment No. 3 Score: 0 of 5 pts 1 of 2 (0 complete) P7-42 (similar to) University Com Hole is a small business that Mke Morris developed while in college. He began building wooden corn hole game sets for friends, hand painted with college colors and logos, As der manage the operation University Com hole maintains two departments contstruction and painting. In the construction department, the games require wood and labor. University Com Hole has som for a very long time and others who are new and inexperienced Click the icon to view more information) Read the requirements More Info labor. Label each variance Requirement 1. For the construction department, calculate the price and Requirements Begin by calculating the price and efficiency variances for the wood Price variance 1. For the construction department, calculate the price and efficiency variances Elficiency variance for the wood and the price and efficiency variances for direct manufacturing labor 2 Record the journal entries for the variances incurred, 3. Discuss logical explanations for the combination of variances that the construction department of University Com Hole experienced Print Done Print Done