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 12 pounds at $8.75 per pound. During the first month of the year, 3,700 boards were produced. Information concerning actual costs and usage of materials follows: Required: 1. Compute the materials price and usage variances. 2. Prepare journal entries on Jan. 31 for all activity relating to materials. CHART OF ACCOUNTS General Ledger 1. Compute the materials price and usage variances. Materials price variance Materials usage variance 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 titles, How does grading work