Use the following information to answer the NEXT SEVEN QUESTIONS: The Wade Company uses a standard costing system and has developed the following standards for one of their products: The following actual activity occurred during the month of November: The company records all direct materials price variances at the time of purchase. 7. The materials price variance would be: a. $200,000 Favorable. b. $200,000 Unfavorable. c. $180,000 Favorable. d. $156,000 Favorable. 8. The materials quantity variance would be: a. $120,000 Favorable. b. $120,000 Unfavorable. c. $100,000 Unfavorable. d. $20,000 Favorable. 9. The journal entry to record the purchase of materials would include a: a. credit to Accounts Payable for $1,144,000. b. debit to Raw Materials Inventory for $1,500,000. c. debit to Materials Price Variance. d. credit to Materials Quantity Variance. 10. The labor rate variance would be: a. $32,000 Favorable. b. $48,000 Unfavorable. c. $48,000 Favorable. d. $30,000 Favorable. 11. The labor efficiency variance would be: a. $32,000 Favorable. b. $32,000 Unfavorable. c. $48,000 Favorable. d. $80,000 Favorable. 12. The variable manufacturing overhead rate variance would be: a. $4,000 Unfavorable. b. $8,000 Unfavorable. c. $12,000 Favorable. d. $12,000 Unfavorable. 13. The variable manufacturing overhead efficiency variance would be: a. $32,000 Favorable. b. $32,000 Unfavorable. c. $48,000 Favorable. d. $8,000 Favorable