Hefty Lumber Inc. mills and finishes outdoor furniture kits. A certain kit requires the following: Direct materials standard 2 square yards at $13.50 per yard Direct manufacturing labor standard 1.5 hours at $20.00 per hour During the third quarter, the company made 1,500 kits and used 3,150 square yards of wood costing $42,600. Direct labor totaled 2,100 hours for $46,150. Required: 1. Compute the direct materials price and efficiency variances for the quarter. Be sure to identify the variances as either favorable or unfavorable. 2. Compute the direct manufacturing labor price and efficiency variances for the quarter. Be sure to identify the variances as either favorable or unfavorable. 3. Prepare the appropriate journal entries to record the purchase of direct materials as well as the addition of direct materials and direct labor to production, including the entries for any variances computed