Wilson Enterprises, Inc. has collected the following data on one of its products: Direct materials standard (4 lbs. @ $1/lb.) $4 per finished unit Total direct materials cost variance-unfavorable $13,750 Actual direct materials used 150,000 lbs. Actual finished units produced 30,000 units Direct Materials Variances: Direct Materials Cost Variances: Actual Units at Actual Cost Standard Units at Standard Cost Direct Material Cost Variance Circle - U or F Direct Materials Price and Quantity Variances: Actual Cost AQ X AP Standard Cost SQ x SP AQ x SP Circle - U or F Circle - U or F Quantity Variance Price Variance Circle - U or F Total Direct Materials Cost Variance 1. The actual cost of the direct materials used is: 2. The direct materials quantity variance is: 3. The direct materials price variance is: 4. The journal entries to record the above: Dr Dr Direct Materials Quantity Variance Work or Goods in Process Cr Direct Materials Price Variance Cr Raw Materials Joumal Voucher Totals