DM & DL variances; journal entries In July, Zinger Corp. purchased 60,000 gallons of Numerol for $183,000 to use in the production of product #43MR7. During July, Zinger Corp. manufactured 11,700 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 55,050 gallons Direct labor 3,870 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 S Material quantity variance $ b. Compute the labor rate, labor ef Favorable Unfavorable Note: Do not use a negative sign w Neither favorable or unfavorable Note: Round your final answer to the nearest whole dollar. Labor rate variance S Labor efficiency variance S Total labor variance S 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.