Esteban Products produces instructional aids, including white boards, which use colored mackers instead of chak. These are particulaty popular for conterence toonts in edicabora insilifons and executlive oflices of large corporations. The standard cost of materials for this product is 10 pounds at $8.35 per pound Duing the first month of the year, 3,500 boards were produced. Intormasion conceining actual costs and isage of materials follows: Required: 1. Compute the materiais price and usage varances 2. Prepare joumal entries on dan. 31 for an activity relating to materalt Matenals Variances 2. Prepare journal entries on Jan. 31 for all activity relating to materials, Refer to the Chart of Accounts for the exact wording of account tities