The following standard costs per unit, of one product, have been taken Boes the seconds of Bishesin Copy Direct materials 4kgs at 56 per kg Direct labor Chours at $20 per hour Actual data for last mouth. Units produced 20,000 Direct labor luas 44,000 Direct materials used: 70,000 kgs Direct labor rate per hour $18 Direct material price: $3 per kg Direct materials purchased 200.000 kg 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 purchase (5 marks) (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+F10 (PC) or ALT+FN-F10 (Mac)