Direct Materials and Direct Labor Variances Berner Company produces a dark chocolate candy bar. Recently, the company adopted the following standards for one bar of the candy: During the first week of operation, the company experienced the following actual results: a. Bars produced: 78,000 . b. Ounces of direct materials purchased: 640,000 ounces at $0.084 per ounce. c. There are no beginning or ending inventories of direct materials. d. Direct labor: 5,510 hours at $18. Required: 1. Compute price and usage variances for direct materials. 2. Compute the rate variance and the efficiency variance for direct labor. Labor Rate Variance $ Labor Efficiency Variance $ 3. Prepare the journal entries associated with direct materials and direct labor. If an amount box does not require an entry, leave it blank. If a amount is zero, enter " 0