Each finished gutar contains seven pounds of veneered wood. In addition, one pound of wood lis typically wasted in the production process. The veneered wood used in the guitars has a standard price of $12 per pound. The other parts needed to complete each gutar, such as the bridge and strings. cost $15 per guitar. The labor standards for 5 poringsteen's two production departments are as foliows: Cohstuktion Department. 6 hours of direct labor at $20 per hour Finishing Deparment 3 hours of direct labor at $15 per hout The following pertains to the month of July. 1. There were no beginning or ending work-in-process imventories in either production department. 2. There was no beginning finished-goods inventory. 3. Actual production was 564 guitars, and 364 guitars were sold on account for $400 cach. 4. The company purchased 6.800 pounds of veneered wood ot a price of $1250 per pound. 5. Actual usage of veneered wood was 5,300 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 664 guitars were purchased at a cost of $9,960 7. The Construction Department used 3.250 direct-labor hours. The total direct-labor cost in the Construction Department was $61750. 8. The Finishing Department used 1,762 direct-labor hours. The totat direct-fabor cost in that department vas $28,192 . There were no direct-material variances in the Finishing Department PR 10-47 (Algo) Part 2: Compute the direct-materlal and direct-labor varlances 2. Complete the table below that compute the July direct-material and direct-iabor varnances in the Construction Department and the July direct-labor variances in the Finishing Department. (Refer to Exhibit10-2, Exhibit 10,3 and Exhibit 10-4 for guidance) Complete this question by entering vour answers in the tabs below. Complete the table below that compute the suly direct material poce and quantity variance in the Construction Departinemt. Complete the table below that compute the July dorect matenal ponce and quantity vanance in the Construction Department, decinal places