Q3. Losantiville country club manufactures bottles. This company uses standard costing system with flexible-budget system. In Nov 2022, Losantiville produced 2,000 units. The following information relates to its two direct manufacturing costs: Direct materials used were 4,500 kg. The standard direct materials input allowed for one output unit is 2kg at $15/kg. Losantiville purchased 5,000kg of materials at $16.50/kg, a total of $90,000. Actual direct manufacturing labor-hours were 3,250hrs, at a total cost of $80,000. Standard manufacturing labor time allowed is 1.5 hours/unit. 2 The standard direct manufacturing labor cost is $20/hr. Required: 1. Compute the direct materials price variance and efficiency variance 2. Compute the direct manufacturing labor price variance and efficiency variance. 3. Make journal entries for variances at a standard costing system