Moving to another question will save the response Question 2 The following standard costs per unit, of one product, have been taken from the reconds of Bahrain Company: Direct materials 4 kgs at $6 per kg Direct labor 2 hours at $20 per hour Actual data for last month. Units produced: 20,000 Direct labor hours: 44,000 Direct materials used 70,000 kgs Direct labor rate per hour: $18 Duect materials purchased: 200,000 kgs Direct material price: $8 per kg Required: (a) Compute the price and efficiency variances for direct materials and direct labor Direct material price variance to be calculated at the time of purchase 5 marks) (b) Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (M) BI US Paragraph m XX Arial 10pt - r (5 marks) Av 2 I HBE (1) hp