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Direct Labor and Direct Materiass Variances, Journal Entries Jameson Company produces poper towels. The company has establiahed the following direct matenals and dicket labor atandarts for ane case of paper towels: During the first quarter of the year, tameson produced 50,000 cases of poper towels. The company purthased and utes 150,700 peunds of paper puip at 50.38 per pound. Actual Girect labor used was 101,000 hours at 512.10 per hour. Required: 1. Calculbte the direct materials price and usage variances. 2. Calculthe the direct labor rate and efliciency variances. 1. MPV (Materials price variance) =(AP5P)AQ MUV (Materials isage variance )=(AQSQ)5P. 2. LRV (Labor rate variance )=(ARSF)AH LEV (Labor elficiency variance) =(AH=5H)5R. 3. Prepare the journal entries for (1) the direct materiabs price variance, (2) the direct materials uage varunce, and (3) the direct laber variances. If an amount box does not recuire an entry, leave it blank er enter "0*. o more Check My Work uses romaining. 2. Calculate the direct labor rate and efficiency variances. Feschack T chack My Wuot 1. MPV (Materisls price variance )=(APSP)AQ MUV (Materials usage variance )=(AQ5Q)SP 2. LRV (Labor rate variance )=(ARSR)A4 LEV ( Labor efficiency variance )=(AHA5SA)x SR. 3. Prepare the journal entries for (1) the direct materials price variance, (2) the direct materiais usage variance, and (3) the direct labor varianceg. If an amount box does not require an entry, leave it blanik or enter "o". Feertheck T check My work 3. Companies must restate costs and inventories at the end of the year to actual cost. So, varionce ascounts must be closed out and their balances applied to. Cost of Goods Sold (if immateriel) or prorated among Cost of Goods Sold, Work in Process, and Finished Goods