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Esteban Produsts peoduces instructional aids, inchuding white boands, which use colored markers instead of chak. These are partioularly popular for coolerence rooms in educational institutions and executve offices of iarge corporations. The standard oest of materials for this preduct it 10 peunds at $350 por pound During the frst month of the year, 3,600 boards were peoduced. Information oonoerning actual oosts and usage of materials follows: Materimis purcharsod 35,600 lbs, 6986,60 Materials used 35,100 tbs. 1. Campute the matorias price and usage variances. 2. Prepsare joumal entwies on Jan. 3r for all activity molating to materals. (Appendix 10A) Materials Variances, Journal Entries \begin{tabular}{|l|l|l|l|} \hline Instructions & Chart of Accounts & Materials Variances Journal \\ \hline \end{tabular} Chart of Accounts 110 Cash 410 Sales 120 Accounts Receivable 131 Supplies EXPENSES 132 Prepaid Insurance 510 Cost of Goods Sold 141 Materials 511 Materials Price Variance 142 Work in Process 512 Materials Usage Variance 143 Overhead Control 513 Labor Efficiency Variance 144 Finished Goods 514 Labor Rate Variance 170 Land 520 Insurance Expense 180 Equipment 530 Wages Expense 181 Accumulated Depreciation 540 Supplies Expense 550 Utilities Expense LIABILITIES 560 Depreciation Expense 210 Accounts Payable 590 Miscellaneous Expense 220 Accrued Payroll 230 Utilities Payable 240 Lease Payable EQUITY 310 Common Stock Check My Work 4 more Check My Work uses remaining. 1. Compute the materials price and usage variances. Materials price variance Materials usage variance 2. Prepare joumal entries on Jan. 31 for all activity relating to materials. Rofer to the Chart of Accounts for the exact wording of acoount tides