The Bartlesville plant of Harmon Company produces an industrial chemical. Ar the beginning ef the yea, the Barleville plant had the following standard cou sheer Direct materials (10 lbs $1 60) Direct labor (0.75 hr. $18.00) Fixed overhead (0.75 hr@ $4.00) Variable overhead (0.75 hr. @$3.00) Standard cost per unit 16.00 13.50 3.00 2.25 534.75 lesville plant computes its overhead rates using practical volume, which is The Bartl 72.000 units. The actual results for the year are as follows a. Units produced: 70,000. b. Direct materials purchased: 744,000 pounds at $1.50 per pound c. Direct materials used: 736,000 pounds. d. Direct labor: 56,000 hours at $17.90 per hour e. Fixed overhead: $214,000. E Variable overhead: $175,400. Required: pute price and arirges for direcr materials. 3. Compute the fixed overhead sg and wolume variances. Interpret the volume variance. 4. Compute the variable overhead 5. Prepare journal entries for the following: and efficiency variances The purchase of direct materials. b. The issuance of direct materials to production (Work in Process) c.The addition ofdirect labor to Work in Process. d. The addition of overhead to Work in Process. e. The incurrence of actual overhead costs. f. Closing out of variances to Cost of Goods Sold