Chemical Incorporated. has set the following standards for direct materials and direct labor for each 20-pound bag of Weed-Be-Doom: Direct materials: 25 pounds XF-2000 @ $0.27/pound Direct labor: 0.24 hour @ $30/hour Per Bag. $6.75 7.20 The firm manufactured 100,000 bags of Weed-Be-Doom in December and used 2,700,000 pounds of XF-2000 and 24,435 direct labor hours. During the month, the firm purchased 3,000,000 pounds of XF-2000 at $0.170 per pound and incurred a total payroll of $855,225 for direct labor. The firm records purchases at standard cost and therefore recognizes the direct materials price variance at point of purchase. Required: 1. Compute the price and usage variances for direct materials and the rate and efficiency variances for direct labor. 2. Prepare journal entries to record the preceding events. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the price and usage variances for direct materials and the rate and efficiency variances for direct labor. Direct materials: Purchase-price variance Usage variance Direct labor: Rate variance Efficiency variance Required 1 Required 2 > in the first account riela.) View transaction list Journal entry worksheet < A B C Purchased 3,000,000 pounds of XF-2000 at $0.170 per pound. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit ^ Record entry Clear entry View general journal in the first account held.) View transaction list Journal entry worksheet B C Issued 2,700,000 pounds of XF-2000 for the production of 100,000 bags of Weed-Be-Doom. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear Clear entry View general journal Required 1 Required 2 Prepare journal entries to record the preceding events. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet C Direct labor wages for the manufacturing of 100,000 bags of Weed-Be-Doom for 24,435 hours. Note: Enter debits before credits Transaction 3 General Journal Debit Credit View general journal Record entry Clear entry