Trueform Products Inc. a US company, produces a broad line of sports equipment and uses a standard costing system for control purposes. Last year, the company produced 10,400 varsity footballs. The standard costs associated with this football, along with the actual costs incurred last year follow (per football) Standard Actual Cost Cost Direct materials: Standard: 3.70 feet at $17.00 per foot $62.90 Actual: 4.00 feet at $16.80 per foot $67.20 Direct labour: Standard: 0.90 hour at $19.50 per hour 17.55 Actual: 0.89 hour at $20.00 per hour 16.00 Variable manufacturing overhead: Standard: 0.90 hour at $14.50 per hour 13.05 Actual: 8.88 hour at $14.75 per hour 11.80 Total cost per football $93.50 $95.00 The president was elated when he saw that actual costs exceeded standard costs by only $150 per football. He stated, "I was afraid that our unit cost might get out of hand when we gove out those raises last year in order to stimulate output. But it's obvious our costs are well under control." There was no inventory of materials on hand to start the year. During the year, 41600 feet of materials were purchased and used in production Required: 1. For direct materials: Compute the price and quantity variances for the year. (Indicate the effect of each variance by selecting "Ffor favourable. "U" for unfavourable, and "None" for no effect (ezero variance). Material price variance Material quantity variance b. Prepare joumal entries to record all activity relating to direct materials for the year. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet