Use the following to answer questions 1-9. MARKOFF CORPORATION (45 PTS) Martoff Corporation manufactures a single product devely named "Product X, with the following standard Direct materials Sths $13 Ihr $15 The following budgeted and actual information is available 18.000 15.000 Actual Budgeted $ 3.545.000 53.000000 Cost of goods sold Direct materials 1.185.000 975.000 Direct labor 278.000 225.000 Manufacturing overhead 773.500 55.000 52.236.500 51.955.000 Grossman $ 1.311.500 $ 1.095.000 Selling experies (474.000 40.0001 Administrative expenses 14665001456.0001 Income from Operations 21 AM During the period. 120.000 lbs of direct materials were purchased the company actually used 118,500 os of materials and 22.240 direct labor hos in production The mech 1. Compute the direct materiais price varance 2 Compute the direct materials usage quantity/variance 3 Compute the direct labor rate variance 4 Computo the direct labor efficiency variance 5. The journal entry to record the purchase of a materials on accounts 6 The journal entry to reflect the usage of direct materials cz 6. The journal entry to reflect the usage of direct materials is Dr Page 1 7 The entry to record the usage of direct labor and amount owed to workers is DR CH 8 Looking at the budgeted and actual sales, comment on the sales performance for the period 9. NOW ASSUME that the company's sales were from TWO products Product X and Product Y Besides sales price and quantity sold, what other factor might account for the difference in sales revenues? COMPUTATION AREA