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 10,200 square yards at a cost of $49,980 and used 9,900 square yards to produce 900 Curtain #4571s. Direct labor totaled 4,560 hours for $47,880. a. Compute the material price and usage variances. Note: Do not use a negative sign with your answers. Material price variance $ 0 Material quantity variance $ 25,500 Unfavorable 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 0 0 0 0 = 0 0 To record material price variance 0 0 0 0 0 0 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 $ 0 Labor efficiency variance $ 0 Total labor variance $ 0 d. Prepare the journal entry to accrue direct labor cost and record the labor variances for the quarter. Account Debit Credit 0 0 0 0 0 0 = 0 0 To record labor variances