Question 8 (10 points) Younger Company has the following materials and labour standards established for a particular product: Standard quantity per unit of output Standard price Standard labour hours per unit of output Standard labour rate 1.7 metres $19.80 per metre 2.0 hours $12.10 per hour The following data pertain to operations concerning the product for July: Actual output Actual materials purchased (5,800 m x $19.60/m) Actual materials used in production Actual hours worked (6,100 hrs x $11.70/hr) Required: 3,200 units $113,680 5,100 metres $71,370 1. Prepare the labour variances. Show calculations and label variances (name of variance and favourable or unfavourable). (6 Marks) 2. Prepare the journal entry to record the incurrence of labour cost for July. (4 Marks)