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Bell Comanufactures Product and uses a standard casting system. Belstwo director Garridered materia de overhead is allocated to products on the basis of direct labor hours (US). At the beginning of the most recent year. Behed the standards for producing one unit of its product: Direct material 3 pounds at 5 per pound Direct Labor, 5 Dis at 515 per DLH 515 75 Variable overhead. S DLHs at 56 per DLH 30 The records for April indicated the following Direct material purchased 25.000 pounds at $5.20 per pound Direct material used 23,100 pounds Direct Labor used 40,100 DLHS at $14.60 per DLH Actual variable overhead $250.000 Actual production 7.850 units Part 1(12.5 points): Compute the following variances for April. Show supporting calculations to obtain credit. 1. Direct material price variance 2. Direct material usage variance 3. Direct material inventory variance 4. Direct labor rate variance 5. Direct labor efficiency variance Part 2 (12.5 points): Bell uses a standard costing system. Prepare journal entries to record the following events during April. Show supporting calculations as needed. 1. Purchase direct material on account 2. Use direct material in production 3. Incur direct-labor costs in production 4. Close direct material and direct labor variances to Cost of Goods Sold

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