DM & DL variances; journal entries Madringa's Draperies manufactures curtains. Curtain #4571 requires the following Direct material standard 10 square yarth at $5 per yard Direct labor standard 5 hours at $10 per hour During the second quarter, the company purchased 27,200 square yards at a cost of $133,280 and used 26,400 square yards to produce 2,400 Curtain #4571s. Direct labor totaled 12,160 hours for $127,680. a. Compute the material price and quantity variances Note: Do not use a negative sign with your answers. Material price variance Material quantity variance S b. Prepare the journal entries for the purchase and use of direct material Note: Round amounts to the nearest whole dollar, Note: Record any multiple debits or any multiple credits in alphabetical order by account name Account To record material price variance To record material quantity variance Debit Credit