The following information pertains to Swifty Company's production of one unit of its manufactured product during the month of June. The company recognizes the materials price variance when materials are purchased: Standard quantity of materials 6 kg Standard cost per kilogram $0.40 Standard direct labour hours 0.50 hr Standard wage rate per hour $7.00 Direct materials purchased 113,000 kg Cost of direct materials purchased per kilogram $0.38 Direct materials consumed for manufacture of 10,000 units 70,000 kg Actual direct labour hours required for 10,000 units 4,890 Actual direct labour cost per hour $7.20 Calculate the price and efficiency (quantity) variances for materials and labour. Direct material price variance $ Direct material efficiency variance $ Direct labour price variance $ Direct labour efficiency variance $ Record the journal entries for purchase and use of direct materials and the journal entries for direct labour. (Credit account titles are automatically intended whwn the amount is entered. Do for the amounts.) Account Titles and Explanation Debit Credit (To record direct material price variance.) (To record direct material efficiency variance.) (To record direct labour variances.)