During the week, the Heese Restaurant Group’s French fry manufacturing facility purchased 10,000 pounds of potatoes at a price of $ 1.14 per pound. The standard price per pound is $ 1.02. During the week, 9,950 pounds of potatoes were used. The standard quantity of potatoes that should have been used for the actual volume of output was 9,200 pounds.

Requirements
1. Record the following transactions using a standard cost accounting system:
a. The purchase of potatoes
b. The use of potatoes
2. Are the variances favorable or unfavorable? Explain.