5. Assume that the purchasing agent for the valve plant purchased a lower-quality direct material from a new supplier. Would you recommend that the company continue to use this cheaper direct material? 6. Prepare all possible journal entries (assuming a four-variance analysis of overhead variances). For compound entries, if an amount box does not require an entry, leave it blank. a. Record materials purchase b. Record materials usage c. Record direct labor lll lll llll llll bol CIL DI 100 d. Close materials usage and labor variances to CGS e. Close price variance to CGS f. Record actual variable overhead o g. Record actual fixed overhead h. Apply variable overhead i. Apply fixed overhead j. Record overhead variances k. Close spending and efficiency variances to CGS 11011 III I. Close volume variance to CGS 5. Assume that the purchasing agent for the valve plant purchased a lower-quality direct material from a new supplier. Would you recommend that the company continue to use this cheaper direct material? 6. Prepare all possible journal entries (assuming a four-variance analysis of overhead variances). For compound entries, if an amount box does not require an entry, leave it blank. a. Record materials purchase b. Record materials usage c. Record direct labor lll lll llll llll bol CIL DI 100 d. Close materials usage and labor variances to CGS e. Close price variance to CGS f. Record actual variable overhead o g. Record actual fixed overhead h. Apply variable overhead i. Apply fixed overhead j. Record overhead variances k. Close spending and efficiency variances to CGS 11011 III I. Close volume variance to CGS