During the current period, 9,500 units were produced. 34,000 pounds of direct materials were purchased on account for $10.60 per pound. 29,100 pounds of direct materials were used in production. 84,200 direct labor hours were used and the actual direct labor rate was $15.20 per direct labor hour. The total actual variable overhead costs (paid in cash) were $471,420 and the actual fixed overhead costs (paid in cash) were $650,000. Actual machine hours used were 58,200. 9,200 units were sold for $450 per unit cash. Required: In the attached Workpaper #3 (note the workpaper is blank): 1. Compute the 8 production cost variances (2 for direct materials, 2 for direct labor, 2 for variable overhead, and 2 for fixed overhead). 2. Prepare all the required standard costing journal entries for the current period (including the closing of the variance accounts). 3. Compute the gross profit for the period.