Howard Company has established the following standards: Direct materials: 3.0 pounds at $4.00 Direct labor: 1.3 hours at $10 per hour Additional information was extracted from the accounting records: Actual production: 20,000 completed units Direct materials purchased: 67,000 pounds at $3.60, or $241,200 Direct materials consumed: 65,000 pounds Actual labor incurred: 25,000 hours at $9.8, or $245,000 Direct-labor rate variance: $42,000 favorable Direct-labor efficiency variance: $27,000 unfavorable Assume that the company computes variances at the earliest point in time. Required: a. What is the amount of Direct Material Purchase Price Variance? b. Prepare the journal entry to record the usage of direct materials. C. Prepare the journal entry to record the incurrence of direct labor costs. Complete this question by entering your answers in the tabs below. Req a Req b and c What is the amount of Direct Material Purchase Price Variance? (Do not round intermediate calculations.) Direct Material Purchase Price Variance Reqa Reqb and c >