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J Company produces copy paper. The company has established thefollowing direct materials and direct labor standards for one caseof copy paper:Paper pulp (3 lbs. @ $0.40) $ 1.20Labor (2 hrs. @ $12) 24.00Total prime cost $25.20During the ?rst quarter of the year, J Company produced 45,000cases of copy paper. The company purchased and used 135,700 poundsof paper pulp at $0.38 per pound. Actual direct labor used was91,000 hours at $12.10 per hour.Required:1. Calculate the direct materials price and usage variances.2. Calculate the direct labor rate and ef?ciency variances.3. Prepare the journal entries for the direct materials anddirect labor variances.Note: please provide your explanations onspreadsheet or Word as written solutions are difficult to read