More Martinez Company manufactures aluminum baseball bats that it sells to university athletic departments. It has developed the following per unit standard costs for 2022 for each baseball bat: In 2022, the company planned to produce 121,800 baseball bats at a level of 60,900 hours of direct labor. Actual results for 2022 are presented below: 1. Direct materials purchases were 224,500 pounds of aluminum which cost $931,675. 2. Direct materials used were 224,500 pounds of aluminum. 3. Direct labor costs were $592,900 for 60,500 direct labor hours actually worked. 4. Total manufacturing overhead was $370,000. 5. Actual production was 116,700 baseball bats. Compute the following variances and identify whether each variance is favorable or unfavorable. 1. Direct Materials Price 2. Direct Materials Quantity 3. Direct Labor Price 4. Direct Labor Quantity 5. Total Overhead Variance Prepare the journal entries to record the transactions and events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) an (lo assign factory labor to jobs) 5. (To record overhead incurred) 6. (To assign overhead to jobs) 7. (To record transfer of completed work to finished goods)