The following standard costs per unit of one product have bees taken from the reconds of Thin Company Direct anaerials 5kgs at 53 per kg Direct labor 2.5 hours at $10 per hous Actual data for a month taits produced: 12.000 Direct materials used: 35,000 kgs Direct malerial price: $4 per kg Required: Direct labor hours: 22.0001 Direct labor rate per hour 59 Direct materials purchased 100,000 kg (a) Compute the price and efficiency variances for direct materials and direct labor Direct material price variance to be calculated at the time of pub (5 marks) (b) Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor For the toolbar, press ALT-E10 (PC) or ALT-EN-F10 (Mac)