Question 7 The following standard costs per unit, of one product, have been taken Bo the end of Compar Direct materials 4 kgs at 56 per kg Direct labor 2 hours at $20 per Actual data for last Units produced 20,000 Direct materials used: 70,000 kgs Direct material price: $8 per kg Required: Direct labor rate per hour $1 Dinct labor hours: 44,000 Direct materials purchased: 200,000 kg (a) Compute the price and efficiency variances for direct materials and direct labor. Direct meteral price variance to be calculated at the tres of pant (b) Prepare the journal entries to record the price and efficiency variances for direct materials and diet labor For the toolbar, press ALT-10 (PC) or ALT-EN-10 M mark B 1 US Paragraph xx Ara 10pt "Q AGNES POWERSTWI