Required information PR 10.47 (Algo) Comprehensive Problem on Variance Analysis (LO 10-1, 10-3, 10-6) [The following information applies to the questions displayed below.] Springsteen Company manufactures guitars. The company uses a standard, job-order cost-accounting system in two production departments. In the Construction Department, the wooden guitars are built by highly skilled craftsmen and coated with several layers of lacquer. Then the units are transferred to the Finishing Department, where the bridge of the guitar is attached and the strings are installed. The guitars also are tuned and inspected in the Finishing Department. The diagram below depicts the production process. Each finished guitar contains seven pounds of veneered wood, in addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $12 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $15 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 6 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $15 per hour The following pertains to the month of July. Complete the table below that compute the July direct material price and quantity variance in the Construction Department. Note: Indicate the effect of each varlance by selecting "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (t.e., zero variance), Round "Actu decimal places. Complete the table below that compute the July direct material purchase price variance in the Construction Department. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect. (i.e., zero variance). Round "Actual Price" and "Standard Price" to 2 decimal places. Complete the table below that compute the July direct-labor rate and efficlency varlances in the Construction Department. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfovorable", Select "None" and enter "O" for no effect (l.e, zero variance). Round "Actual "Standard Rate" to 2 decimal places. Required information Complete the table below that compute the July direct-labor rate and efficiency variances in the Finishing Department. Note: Indicate the effect of coch variance by selecting "Favorable" or "Unfavorable". Select "None" and enter " 0 " for no effect (L.e, zero variance), Round "Actual Rat Rate" to 2 decimal places