Beacon Novelties Manufactures Frisbees That It Sells to Other Companies

Beacon Novelties manufactures frisbees that it sells to other companies for customizing with their own logos.Beacon prepares flexible budgets and uses a standard cost system to control manufacturing costs.The standard unit cost of a frisbee is based on static budget volume of 60,000 frisbees per month:
$$\begin{array} { | l | r | r | } \hline \text { Direct Materials } ( .2 @ \$ .30 \text { per lb.) } & & .06 \\\hline \text { Direct Labor } ( 4 \text { mins. @ \$.15 per min.) } & & .60 \\\hline \text { Manufacturing Overhead: } & & \\\hline \text { Variable } ( 4 \text { mins. @ \$.07 per min.) } &.28 \\\hline \text { Fixed } ( 4 \text { mins. @ \$.16 per min.) } & .64 & .92 \\\hline \text { Total cost per unit }&&\$ 1.58\\\hline\end{array}$$ Actual cost and production information for June 2019 follows:
a.There were no beginning or ending inventory balances.All expenditures were on account.
b.Actual production and sales were 62,000 frisbees.
c.Actual direct materials usage was 10,000 lbs.at an actual cost of $0.24 per lb.
d.Actual direct labor usage was 208,000 minutes at a total cost of $37,440.
e.Actual overhead cost was $8,000 variable and $30,000 fixed.
f.Selling and administrative costs were $130,000
Requirements
1.Compute the cost and efficiency variances for direct materials and direct labor.
2.Journalize the purchase and usage of direct materials and the assignment of direct labor,including the related variances.