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Standard Costs, Decomposition of Budget Variances, Direct Materials and Direct Labor Haversham Corporation produces dress shirts. The company uses a standard costing system and has set the following standards for direct materials and direct labor (for one shirt): During the year, Haversham produced 9,500 shirts. The actual fabric purchased was 14,150 yards at $2.72 per yard. There were no beginning or ending nventories of fabric. Actual direct labor was 10,570 hours at $19.50 per hour. 1. Compute the costs of fabric and direct labor that should have been incurred for the production of 9,500 shirts. Direct materials Direct labor 2. Compute the total budget variances for direct materials and direct labor. Direct materials Direct labor 3. Break down the total budget variance for direct materials into a price variance and a usage variance. Materials Price Variance Materials Usage Variance X Prepare the journal entries associated with these variances. If an amount box does not require an entry, leave it blank or enter "0". Price Variance Materials Direct Materials Price Variance Accounts Payable Usage Variance Work in Process Direct Materials Usage Variance 272 Materials 39,628 4. Break down the total budget variance for direct labor into a rate variance and an efficiency variance. Labor Rate Variance Labor Efficiency Variance Prepare the journal entries associated with these variances. If an amount box does not require an entry, leave it blank or enter "0". Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable