The following standard costs per unit, of one product, have been taken from the records of Bahrain Company Direct materials 5 kgs at $3 per kg Direct labor 2.5 hours at $10 per hour Actual data for last month: Units produced: 12,000 Direct labor hours: 22,000 Direct materials used: 35,000 kgs Direct labor rate per hour: 59) Direct material price: $4 per kg Direct materials purchased: 100,000 kgs Required: (a) Compute the price and efficiency variances for direct materials and direct labor. Direct material price variance to be calculated at the time of b) Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor. (5 marks) or the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).