Varsity Corn Hole is a small business that Manny Mercado developed while in college. He began building wooden corn hole game sets for friends, hand painted with college colors and logos. As demand grew, he hired some workers and began to manage the operation. Varsity Corn Hole maintains two departments: construction and painting. In the construction department, workers use wood to make the game sets. Varsity Corn Hole has some employees who have been with the company for a very long time and others who are new and inexperienced. (Click the icon to view more information.) Read the requirements. Requirement 1. For the construction department, calculate the price and efficiency variances for the wood and the price and efficiency variances for direct manufacturing labor. Begin by calculating the price and efficiency variances for the wood. (Do not round any intermediary computations. Enter the amount of the variance, then select whether it is favorable (F) or unfavorable (U).) Price variance Efficiency variance Requirements 1. For the construction department, calculate the price and efficiency variances for the wood and the price and efficiency variances for direct manufacturing labor. 2. Record the journal entries for the variances incurred. 3. Discuss logical explanations for the combination of variances that the construction department of Varsity Corn Hole experienced.