DM & DL variances; journal entries In July, Zinger Corp. purchased 8,000 gallons of Numerol for $24,400 to use in the production of product #43MR7. During July, Zinger Corp. manufactured 1,560 units of product #43MR7. The following information is available about standard and actual quantities and costs: Standard for One Unit Direct material 4.8 gallons @ $3 per gallon Direct labor 20 minutes @ $9 per DLH Actual Usage for July Direct material 7,340 gallons Direct labor 516 DLHs @ $9.02 per DLH a. Compute the material purchase price variance and the material quantity variance. Note: Do not use a negative sign with your answers. $ Material price variance Material quantity variance b. Compute the labor rate, labor efficiency, and total labor variance. Note: Do not use a negative sign with your answers. Note: Round your final answer to the nearest whole dollar. Labor rate variance $ Labor efficiency variance $ Total labor variance $ c. Prepare the journal entries for the material and labor variances. Note: Round amounts to the nearest whole dollar. Note: Record any multiple debits or any multiple credits in alphabetical order by account name. Account Debit Credit To record material price variance To record material quantity variance To record labor variances