Esteban Products produces instructional aids, including white boards, which use colored markers instead of chalk. These are particularly popular for conference rooms in educational institutions and executive offices of large corporations. The standard cost of materials for this product is 15 pounds at $8.10 per pound. During the first month of the year, 3,400 boards were produced. Information concerning actual costs and usage of materials follows: Materials purchased 50,600 lbs. @ $8.20 Materials used 50,100lbs. Required: 1. Compute the materia/s price and usage variances. 2. Prepare journal entries on Jan. 31 for all activity relating to materials. Journal 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 tites