Use the following to answer questions 1-7: Blue Corporation (28 points) Blue Corporation manufactures a product for with the following standard cost information: Direct Materials Direct Labor 30 lbs. @ 9 hrs. @ $3 per lb $15 per hr. Additional information is as follows: Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor hours Actual direct labor cost Direct materials efficiency variance 5,500 units 190,000 pounds $579,500 49,000 hours $739,900 $1,500 Credit The company uses a standard costing system to account for inventory. All direct materials purchases are made "on account". 1. The direct labor rate variance 2. The direct labor efficiency variance 3. The actual pounds of direct materials used in production during the month pounds 4. The actual price per pound of direct materials used 5. The journal entry to record the purchase of raw materials for the period is: 1. Dr Cr 6. The journal entry to reflect the usage of direct materials is: Dr Cr