The following budgeted information is available for Test Company, $ 3.00 per ounce Direct Material Direct Labor 5 ounces per unit 30minutes per unit $ 18.00 per hour Variable Cost 2.00 per machine hour 1.5machine hours per unit $ 9,600 total 400batches produced $ Batch-Variable Batch-Fixed Budgeted sales Budgeted selling price 8,200 total 24,000 units 40.00 $ per unit $418,500total Actual Results for the Period Units produced & sold Unit selling price Materials purchased Materials used Direct labor used Variable overhead cost Machine hours used Batch-variable overhead # of Batches produced 26,000 37.00 135.000 ounces 132,000 Ounces 12,500hours 75,075 38,500hours 10,790 415batches 231,250 total $ $ Required: Calculate the material variances Required: Prepare the journal entries to record the material variances