Use the following to answer questions 53-56: Appendix) The Dexon Company makes and sells a single product called a Mip and employs a standard costing system. The following standards have been established for one unit of Mip: Standard Quantity or Hours Standard Cost per Mip Direct materials 6 board feet $9.00 Direct labor 0.8 hours $9.60 There were no inventories of any kind on August 1. During August, the following events occurred: Purchased 15,000 board feet at the total cost of $24,000. Used 12,000 board feet to produce 2,100 Mips. Used 1,700 hours of direct labor time at a total cost of $20,060. To record the purchase of direct materials, the general ledger would include what entry to the Materials Price Variance Account? $1,500 credit $1,500 debit $6,000 credit $6,000 debit Question 54: 1 pts To record the use of direct materials in production, the general ledger would include what entry to the Materials Quantity Variance account? To record the use of direct materials in production, the general ledger would include what entry to the Materials Quantity Variance account? $3,600 debit $3,600 credit. $900 debit $900 credit Question 55: 1 pts To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account? To record the incurrence of direct labor cost and its use in production, the general ledger would include what entry to the Labor Rate Variance account? $240 credit $240 debit $340 debit $340 credit Question 56: 1 pts To record the incurrence of direct labor costs and its use in production, the general ledger would include what entry to the Labor Efficiency Variance account? To record the incurrence of direct labor costs and its use in production, the general ledger would include what entry to the Labor Efficiency Variance account? $480 credit $240 debit $1,200 debit $1,200 credit