6-6/23 (please disregard numbers in chart it is just to show what needs to be solved)

Data Table Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor hours per unit at $15.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,700 yards of cloth were purchased at $1.05 per yard Employees worked 1,200 hours and were paid $15.00 per hour Actual variable overhead was $2,300 Actual fixed overhead was $3,200 unt, in Data Table $135 U Direct materials cost variance Direct materials efficiency variance Direct labor cost variance 300 F 600 F 12,400 F 1,300 U Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance 1,300 F 100 U Fixed overhead volume variance 2,600 F Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue), Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) All-Star Company uses a standard cost system and reports the following information for 2024 Click the soon to view the information) All-Star Company reported the following variances Click the icon to view the wiances) All-Star produced 1,000 units of finished product in 2024 Read the requirement Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit Actual quantity of material used X Standard cost = Total cost at standard X 11 Calculate the actual cost of the materials purchased. x Actual cost Total actual cost of materials Actual quantity of material used 2,300 Standard quantity of direct materials Standard cost Standard cost of direct materials $ 1.30 Date Accounts and Explanation Debit Credit Standard quantity of direct labor hours X Standard cost Standard cost of labor 11 Now, calculate the actual quantities at actual prices. Actual quantity of labor used Actual cost 11 Actual cost of labor Date Accounts and Explanation Debit Credit Go ahead and journalize the entry to show the actual manufacturing overhead costs incurred. Date Accounts and Explanation Debit Credit w Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit of Goods Sold. Record the entry. Os inver Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit