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Chemical Incorporated. has set the following standards for direct materials and direct labor for each 20-pound bag of Weed-Be-Doom The firm manufactured 100,000 bags of Weed-Be-Doom in December and used 2,700,000 pounds of XF-2000 and 24,435 direct labor hours. During the month, the firm purchased 3,000,000 pounds of XF2000 at $0.170 per pound and incurred a total payroll of $855,225 for direct labor. The firm records purchases at standard cost and therefore recognizes the direct materials price variance at point of purchase. Required: 1. Compute the price and usage variances for direct materials and the rate and efficiency variances for direct labor. 2. Prepare journal entries to record the preceding events. Complete this question by entering your answers in the tabs below. Compute the price and usage variances for direct materials and the rate and efficiency variances for direct labor. Prepare journal entries to record the preceding events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Purchased 3,000,000 pounds of XF2000 at $0.170 per pound. Note: Enter debits before credits. Prepare journal entries to record the preceding events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Issued 2,700,000 pounds of XF2000 for the production of 100,000 bags of Weed-Be-Doom. Note: Enter debits before credits. Prepare journal entries to record the preceding events. (If no entry is required for a transaction/event, select "No journal entry required" n the first account field.) Journal entry worksheet Direct labor wages for the manufacturing of 100,000 bags of Weed-Be-Doom for 24,435 hours. Note: Enter debits before credits