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Diredt Labor and Direct Materials Varlances, Journal Entries lameson Company produces paper towels. The company...

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Diredt Labor and Direct Materials Varlances, Journal Entries lameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: Paper pulp (3 Ibs $0.40) Labor (2 hrs.$12) 1.20 24.00 Total prime cost 25.20 During the first quarter of the year, Jameson produced 50,000 cases of paper towels. The company purchased and used 150,700 pounds of paper pup at $0.37 per pound. Actual direct labor used was 101,000 hours at $12.20 per hour Required Instructions fer parts 1 and 2: f a variance is zero, enter "0" and select-Not applicable" from the drop down box. 1. Caloulate the direct materials price and usage variances. Materials Price Variance Materials Usage Variance 2. Calculate the direct labor rate and efficiency variances. Labor Rate Varlance Labor Effidlency Variance

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