Haliburton Mils inc is a large producer of men's and women's clothing. The compary uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): During this period, the company produced 9,600 units of product A companson of standard and actual costs for the period on a tota cost basis is also given above There was no inventory of materials on hand to start the pentod During the period. 23.040 metres of materials was purchased and used in production. The denominator level of activity for the period was 23.420 hours There was no inventory of matenals on hand to start the period. During the period, 23,040 metres of materials was purchased and used in production. The denominator level of activity for the period was 23.420 hours. Required: 1. For direct materials: a. Compute the price and quantity variances for the period (indicate the effect of eoch variance by selecting "F" for fovourable, "U for unfovourable, and "None" for no effect (i.e., zero voriance).) b. Prepare journal entries to record all activity relating to direct materials for the period. Journal entry worksheet Note: Enter debits before credits. b. Prepare joumal entries to record all activity relating to direct materials for the period. Journal entry worksheet Record the materials quantity variance. Noteti Enter debits before credits. a. Compute the rate and efficiency variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfovourable, ond "None" for no effect (i.e., zero variance).) b. Prepare a joumal entry to record the incurrence of direct labour cost for the period. (List debit entries first). Journal entry worksheet Record the incurrence of direct labour cost for the period. Notel Enter debits before credits. 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicote the selecting "F" for favourable, "U" for unfavourable, ond "None" for no effect(i.e., zerc 4. Compute the fixed overhead budget and volume variances (Indicate the effect of voriance by selecting "F" for favourable, "U" fo unfovourable, and "None" for no effect (i,e., zero voriance).) 5. On seeing the $2,304 total cost variance, the company's president stated "it's obvious that our costs are well under controi "Do you agree? Yes No 6. This part of the question is not part of your Connect assigniment