Nosemer Company produces engine parts for large motors. The company uses a dard cost system for production costing and control. The standard cost sheet or one of its higher volume products (a valve), is given below of Direct materials (5 lbs. @$4.00) Direct labor (1 Variable overhead (1.4 hrs. @ $6.00) Fixed overhead (1.4 hrs. $3.00) Standard unit cost $20.00 14.70 8.40 4.20 L4ha $10.50) 47.30 During the year, Nosemer experienced the following activity relative to the production of valves: a. Production of valves totaled 25,000S b. A total of 130,000 pounds of direct materials was purchased at $3.70 per pound c. There were 10,000 pounds of direct materials in beginning inventory (caried a $4 per pound). There was no ending inventory d. The company used 36.500 direct labor hours at a total cost of $392.375. e. Actual fixed overhead totaled $95,000. f. Actual variable overhead totaled $210,000 Nosemer produces all of its valves in a single plant. Normal activity is 22,500 units per year. Standard overhead rates are computed based on normal activity mes ured in standard direct labor hours. Required: EFFicieNcy 1. Compute the direct materials price adriances. 2. Compute the direct labor ae and efficiency variances. 4. Compute overhead variances , es sho escrip 3 of a 6. Prepare all possible journal entries (assuming a four-variance analysis of overhead variances) who s no