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Eoteban Products produces instructional aids, including white boards, which use colored markers instead of chalk. These are particularly popular for conference rooms in educational institutions and executive offices of large corporations. The standard cost of materials for this product is 10 pounds at $8.50 per pound During the first month of the year, 3,600 boards were protuced. Information concerning actual costs and usage of materials follows: Bequired: 1. Compute the materials price and usage variances. 2. Prepare journal entries on Jan. 31 for all activity rolating to materials. 1. Compute the materials price and usage variances. Materials price variance Materials usage variance How does groding work