Haliburton Mills Inc. Is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent perlod are given below for one of the company's product lines (per unit of product): During this period, the company produced 4,800 units of product. A comparison of standard and actual costs for the period on a total cost basis is also given above. There was no Inventory of materlals on hand to start the perlod. During the perlod, 19,680 metres of materlals was purchased and used in production. The denominator level of activity for the perlod was 11,860 hours. Requlred: 1. For direct materlals: a. Compute the price and quantity varlances for the perlod. (Indlcate the effect of each varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero varlance).) b. Prepare journal entrles to record all actlvity relating to direct materlals for the perlod. Journal entry worksheet Record the materials price variance. Note: Enter debits before credits. 2. For direct labour: a. Compute the rate and efficlency varlances. (Inclcate the effect of varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero varlance).) b. Prepare a journal entry to record the Incurrence of direct labour cost for the perlod. (List debit entrles first). Journal entry worksheet Record the incurrence of direct labour cost for the period. Note: Enter debits before credits. 3. Compute the varlable manufacturing overhead spending and efficlency varlances. (Indlcate the effect of each varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero varlance).) 3. Compute the varlable manufacturing overhead spending and efficlency varlances. (Indlcate the effect of each varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero varlance).) 4. Compute the fixed overhead budget and volume varlances. (Indlcate the effect of varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero varlance).) 5. On seelng the $7,056 total cost varlance, the company's president stated, "It's obvlous that our costs are well under control." Do you agree? Yes No 6. This part of the question is not part of your Connect assignment