Requirements 1. For the construction department, calculate the price and efficiency variances for the wood and the price and efficiency variances for direct manufacturing labor. 2. Record the journal entries for the variances incurred. 3. Discuss logical explanations for the combination of variances that the construction department of Junior Corn Hole experienced. Requirement 1. For the construction department, calculate the price and efficiency variances for the wood and the price and efficiency variances for direct manufacturing labor Begin by calculating the price and efficiency variances for the wood. (Do not round any intermediary computations Enter the amount of the variance, then select whether it is favorable (F) or unfavorable (U).) Price variance Efficiency variance Junior Com Hole is a small business that Mike Mercado developed while in college. He began building wooden com hole game set for fends hand painted with college colors and logos. As demand grew, he hired some workers and began to manage the operation Junior Coin Hole maintains two departments construction and painting. In the construction department, workers ute wood to make the game sets Junior Com Hole has some employees who have been with the company for a very long time and others who are new and experienced Click the icon to view more information) Read the maments Data table Because of the nature of the wood, workers must work around flaws in the materials. Mike does not store inventory, and buys the wood as he receives an order. Actual and standard data for the construction department for September 2020 are shown below: Actual Game sets produced Direct materials used in production Actual direct material cost Actual direct manufacturing labor-hours Actual direct manufacturing labor cost Standards Purchase price of direct materials 50 1,550 sq. ft. of wood $5,500 196 $2,965 $3.90 per sq. ft. of wood - Data table Actuar Game sets produced Direct materials used in production Actual direct material cost Actual direct manufacturing labor-hours Actual direct manufacturing labor cost Standards I Purchase price of direct materials Direct materials per game set Wage rate in construction department 50 1,550 sq. ft. of wood $5,500 196 $2,965 Construction department direct labor hours per game set $3.90 per sq. ft. of wood 23 sq. ft. of wood $15.00 per hour 4 hours - X