DM & DL variances; journal entries Madzinga's Draperies manufactures curtains. Curtain #4571 requires the following: Direct material standard 10 square yards at $5 per yard Direct labor standard 5 hours at $10 per hour During the second quarter, the company purchased 34,000 square yards at a cost of $166,600 and used 33,000 square yards to produce 3,000 Curtain #4571s. Direct labor totaled 15,200 hours for $159,600. a. Compute the material price and quantity variances. Note: Do not use a negative sign with your answers. Material price variance $ 4,080 x Favorable 18,000 x Unfavorable Material quantity variance $ 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 Debit Credit Raw Material Inventory 204,000 x Material Price Variance Accounts Payable 4,080 x 199,920 x To record material price variance Work in Process Inventory 180,000 x 18,000 x 0 0 198,000 x Material Quantity Variance Raw Material Inventory To record material quantity variance c. Compute labor rate and labor efficiency variances. Note: Do not use a negative sign with your answers. Note: Round your final answer to the nearest whole dollar. Labor rate variance $ 1,000 x Unfavorable Labor efficiency variance $ Total labor variance 2,400 x Unfavorable $ 11,520 x Unfavorable >>>