Score: 0 of 1 pt 1 of 2 (0 complete) HW Score: 0%, 0 of 2 pts P7-42 (similar to) Question Help University Corn Hole is a small business that Kenny Morris developed while in college. He began building wooden corn hole game sets for friends, hand painted with college colors and logos. As demand grew, he hired some workers and began to manage the operation. University Corn hole maintains two departments: contstruction and painting. In the construction department, the games require wood and labor. University Corn Hole has some employees who have been with the company for a very long time and others who are new and inexperienced. (Click the icon to view more information.) Requirements Read the requirements. ng Requirement 1. For the construction department, calculate t labor. Label each variance as favorable (F) or unfavorable (u Begin by calculating the price and efficiency variances for the 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 University Corn Hole experienced. Price variance Efficiency variance Print Done Choose from any list or enter any number in the input i ? i More Info University Corn Hole uses standard costing for the game sets. Kenny expects that a typical set should take 4 hours of labor in the construction department, and the standard wage rate is $10.00 per hour. An average set uses 24 square feet of wood, allowing for a certain amount of scrap. Because of the nature of the wood, workers must work around the flaws in the materials. Kenny shops around for good deals and expects to pay $3.80 per square foot. Kenny does not store inventory, and buys the wood as he receives an order. For the month of September, Kenny's workers produced 55 corn hole sets using 230 hours and 1,850 square feet of wood. Kenny bought wood for $6,800 (and used the entire quantity), and incurred labor costs of $2,135. Print Done