All-Star Company uses a standard cost system and reports the following information for 2018: (Click the icon to view the information.) All Star Company reported the following variances: (Click the icon to view the variances.) All-Star produced 1,000 units of finished product in 2018 Read the requirements 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 Data Table -X - X Requirements Standards: 3 yards of cloth per unit at $1.05 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Record the journal entries to record 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 to record the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) - X Data Table Actual: 2,800 yards of cloth were purchased at $1.10 per yard Employees worked 1,100 hours and were paid $10.25 per hour Actual variable overhead was $5,000 Actual fixed overhead was $3,500 Print Done $ 140 U 210 F 550 F 9.675 F Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance Print Done 1,300 U 1,300 F 500 U 2,000 F Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 7 pants remaining Clear All