The company where Jason works produces skateboards locally but sells them globally for $60 each. Jason 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: Standard Quantity per Unit Standard Price Wood 2.00 feet $5.00 per foot Wheels 4.00 wheels $0.50 per wheel Direct labor 0.30 hours $15.00 per hour Actual results: Quantity of wood purchased, 158,000 feet; quantity of wood used, 154,000 feet. Quantity of wheels purchased, 298,700 wheels; quantity of wheels used, 280,700 wheels. Actual cost of the wood, $5.20 per foot. Actual cost of the wheels, $0.55 per wheel. Quantity of DL hours used, 22,400 hours; actual cost of DL hours, $16.70 per hour. Actual units produced, 70,000 skateboards. DM-Wood: Actual Price Variance Actual quantity purchased x Actual price $821,600 $31,600 Unfavorable *158,000 feet x $5.20/foot b158,000 feet x $5.00/foot Unnamed Columns Efficiency Flexible Variance Budget Standard Actual quantity purchased Standard price Actual quantity used x Standard price $790,000b $770,000 $70,000 Unfavorable <154,000 feet x $5.00/foot d70,000 units x 2.00 feet per unit = 140,000 feet x $5.00/foot DM-Wheels: quantity x Standard price $700,000d Actual Price Variance Unnamed Columns Efficiency Variance Flexible Budget Actual quantity purchased x Actual quantity purchased Actual price Standard price Actual quantity used x Standard price Standard quantity x $164,285 $14,935 $350 $149,350b $140,350 Standard price $140,000d Unfavorable Unfavorable a298,700 wheels x $0.55/wheel b298,700 wheels x $0.50/wheel $280,700 wheels x $0.50/wheel d70,000 units x 4.00 wheels per unit = 280,000 wheels x $0.50/wheel DL: Actual Price Variance Unnamed Columns Efficiency Variance Flexible Budget Actual quantity Actual quantity Standard quantity used Actual used price Standard price Standard price $38,080 $21,000 $374,080 $336,000b $315,000 Unfavorable Unfavorable a22,400 DL hours x $16.70/DL hour b22,400 DL hours x $15.00/DL hour 70,000 units 0.30 DL hours per unit = 21,000 DL hours x $15.00/DL hour 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