Farrell Company has the following production standards: Direct Materials (3 pounds per unit @ $7 per pound) $21 Direct Labor (9 hours per hour per unit @ $16 per hour) $144 Variable Overhead ( 6 machine hours per unit @ $9 per machine hour). $54 Fixed Overhead (6 machine hours per unit @ $12 per machine hour*) $72 Total Standard Cost of One Unit $291 (*based on budgeted production of 10,500 units) During the current period, 11,000 units were produced. 42,000 pounds of direct materials were purchased on account for $6.80 per pound. 33,000 pounds of direct materials were used in production. 97,800 direct labor hours were used and the actual direct labor rate was $16.50 per hour. Actual variable overhead costs (paid in cash) were $575,000 and actual fixed overhead costs (paid in cash) were $740,000. Actual machine hours used were 63,000. 9,500 units were sold for $450 per unit cash. A. Compute the 8 production cost variances. Be sure to clearly label each variance and be sure to clearly indicate whether each variance is favorable or unfavorable. B. Prepare all the required standard costing journal entries required including the closing of the variance accounts. C. Compute the gross profit for the period