7 Wallace Inc. uses a standard cost system and has provided the following Information Standards Por unit Directorials 18 lbs @ $2.33/1b $ 22.ee Direct labor 2 hours $22.4/hour 44. Variable overhead 2 hours $15.5 hour 31.ca Fixed overhead 38.4 Total $129.28 $ = Budgeted production - 5,900 units Actual results Material purchased 53,950 lbs Material used 56,500 lbs Direct labor 16,918 actual hours variable overhead Fixed overhead units produced and sold 5,600 units 258,254 171,235 183. Prepare the journal entries to record the following transactions. Assume Wallace Inc does not maintain Inventories other than direct materials production is equal to sales (Do not round your intermediate calculations. Round your answers to the nearest whole number. If no entry is required for a transaction event, select "No Journal Entry Required" in the first account field.) a. Purchase of direct materials on account b. Usage of direct materials c. Incurrence of direct labor d. Incurrence and application of variable overhead. e. Incurrence and application of fixed overness. View traction at Journal entry worksheet 3 4 5 Record purchase of direct materials on account. Nota: El debts bored Transaction General Journal Debit Credit Hecord entry Clear entry Vw general