The company where David works produces skateboards locally but sells them globally for $60 each. David is one of the production managers in a meeting to discuss preliminary results from the year just ended. Here is the information they had in front of them: Wood Wheels Direct labor Actual results: . . . Standard Quantity per Unit 2.50 feet 5.00 wheels 0.30 hours Standard Price $4.00 per foot $0.45 per wheel $15.00 per hour Quantity of wood purchased, 220,500 feet; quantity of wood used, 214.500 feet. Quantity of wheels purchased, 408,340 wheels; quantity of wheels used, 392.340 wheels. Actual cost of the wood, $4.30 per foot. Actual cost of the wheels, $0.50 per wheel. Quantity of DL hours used, 24.180 hours; actual cost of DL hours, $16.60 per hour. Actual units produced, 78,000 skateboards. Your Answer Correct Answer (Used) Complete a variance analysis for DM (both wood and wheels) and DL. determining the price and efficiency variances for each; be sure to specify the amount and sign of each variance. DM- Wood DM- Wheels DL $ $ $ 66,150 20/417 38,688 Price Variance Unfavorable Unfavorable Unfavorable Efficiency Varianci 78,000 1,053 11.700 Unfavorable Unfavorable Unfavorable (b) Create a T-account for each DM Inventory account and for WIP Inventory, assuming all started with zero balances. Given your variance analysis in part (a), record any new debits and/or credits to these two T accounts to reflect the DM and DL activity. DM Inventory-Wood DM Inventory-Wheels WIP Inventory Then, explain the ending balances for each DM Inventory account-what does each consist of in terms of DM quantity and price? (Round cost per unit to 2 decimal places, eg 15.25) The ending balance in DM Inventory-Wood consists of /foot. WIP Inventory The ending balance in DM Inventory-Wheels consists of /wheel. eTextbook and Media List of Accounts feet at cost of $ wheels at cost of $