lem 4 (40 points) a Automobile Company uses standard costing for its cars. The following data for the a Automobile Company pertain to the actual production of 1,000 cars during 20X9: Direct Materials: Standard usage: Standard cost: Actual usage: Actual cost: 10 pounds per car $6.00 per pound 7 pounds per car $8.00 per pound Direct Labor: Standard hours: Standard cost: Actual hours: Actual cost: 2 hours per car $24.00 per hour 1.5 hours per car $24.50 per hour quired: a. Compute the direct materials price and quantity variances for the year. Are they favorable or unfavorable? (10 points) Compute the direct labor rate and efficiency variances for the year. Are they favorable or unfavorable? (10 points) Record the necessary journal entries for direct material variances. (10 points) Record the necessary journal entries for direct labor variances. (10 points) b. c. d