Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2.80 per pound) Direct labor (6 hours at $13.00 per hour) $16.80 $78.00 During the month of April, the company manufactures 190 units and incurs the following actual costs. Direct materials purchased and used (1,210 pounds) $3,509 Direct labor (1,170 hours) $14,976 Journalize the entries to record the materials and labor variances. (Credit account titles are automatically indented whe Debit Credit Account Titles and Explanation Raw Materials Inventory Materials Price Variance Accounts Payable (To record materials price variance) Work in Process Inventory Materials Quantity Variance Raw Materials Inventory (To record materials quantity variance) Factory Labor Labor Price Variance Factory Wages Payable (To record labor price variance) Work in Process Inventory Labor Quantity Variance Factory Labor (To record labor quantity variance)