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Standard Costs, Decomposition of Budget Variances, Direct Materials and Direct Labor Haversham Corporation produces dress shirts. The company uses a standard costing system and has set the following standards for direct materials and direct labor (for one shirt): $4.20 Fabric (1.5 yds. @ $2.80) Direct labor (1.1 hr. @ $20) Total prime cost 22.00 $26.20 During the year, Haversham produced 9,800 shirts. The actual fabric purchased was 14,600 yards at $2.74 per yard. There were no beginning or ending inventories of fabric. Actual direct labor was 10,900 hours at $19.50 per hour. Required: 1. Compute the costs of fabric and direct labor that should have been incurred for the production of 9,800 shirts. Direct materials 41,160 Direct labor 215,600 2. Compute the total budget variances for direct materials and direct labor. Direct materials 1,156 Favorable Direct labor 1,960 x Favorable 3. Break down the total budget variance for direct materials into a price variance and a usage variance. Materials Price Variance $ 876 Favorable Materials Usage Variance $1 280 Favorable Prepare the journal entries associated with these variances. If an amount box does not require an entry, leave it blank or enter "0". Price Variance Materials 40,880 Direct Materials Price Variance 876 Accounts Payable 40,004 41,160 Usage Variance Work in Process Direct Materials Usage Variance Materials 280 40,880 Feedback Check My Work 4. Break down the total budget variance for direct labor into a rate variance and an efficiency variance. Labor Rate Variance 4,360 X Favorable Labor Efficiency Variance 2,400 Unfavorable Prepare the journal entries associated with these variances. If an amount box does not require an entry, leave it blank or enter "O". 215,600 2,400 Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable 4,360 X 213,640 X