Shultze Inc. had the following standard and actual costs for one of their popular products: Standard Actual Qty Cost / Qty Qty Cost / Qty Direct Materials (kg) 5.00 $4.00 5.25 $4.10 Direct Labour (hrs) 2.00 $15.25 2.25 $15.10 The following additional information was available: Standard production (units) 80,000 Actual production (units) 75,000 Materials purchased (kg) 472,500 Using the above information calculate the price / rate and usage / efficiency variance for both the direct materials and the direct labour. Use your solution to answer the questions which follow. Question 17 (1 point) What is the amount of the direct material price variance? AJ Question 18 (1 point) The direct material price variance is a) Favourable O b) Unfavourable c) Neither as it is equal to zero Question 19 (1 point) What is the amount of the direct material efficiency variance? Question 20 (1 point) The direct material efficiency variance is a) Favourable b) Unfavourable c) Neither as it is equal to zero Question 21 (1 point) What is the amount of the direct labour rate variance? AV Question 22 (1 point) The direct labour rate variance is O a) Favourable b) Unfavourable c) Neither as it is equal to zero Question 23 (1 point) What is the amount of the direct labour efficiency variance? AJ Question 24 (1 point) The direct labour efficiency variance is O a) Favourable Ob) Unfavourable O c) Neither as it is equal to zero The entry to record the purchase of direct materials for this company would include the following (choose ALL that apply) | a) Cr. Direct material price variance Ob) Cr. Direct material efficiency variance c) Dr. Direct material efficiency variance d) Dr. Work in progress e) Dr. Direct materials price variance Of) Cr. Accounts payable / Cash g) Dr. Accounts payable / Cash The entry to record the direct labour used in production would include the following (choose ALL that apply) a) Dr. Wages Payable / Cash b) Dr. Work in progress c) Cr. Direct labour efficiceny variance d) Dr. Direct labour rate variance e) Cr. Work in progress f) Cr. Direct labour rate variance o Dr Direct labour efficiency variance