Exercise 217 a-b (Part Level Submission) The standard cost of Product 245 manufactured by Albert Industries includes 2 pounds of direct materials at $4.00 per pound. During September, 40,000 pounds of direct materials are purchased at a cost of $3.85 per pound, and all of the direct materials are used to produce 19,000 units of Product 245. Your answer is correct. Compute the materials price and quantity variances. Identify whether the variance is favorable or unfavorable? Materials Price Variance 6000 Favorable Materials Quantity Variance 8000| Unfavorable SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER Journalize the purchase of the materials and the issuance of the materials, assuming a standard cost system is used. (Credit ac amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record purchase of materials) (To record issuance of direct materials)