Bliny Corporation makes a product with the following standard costs for direct material and direct labor: 13.65 Direct material: 3.50 meters at $3.90 per meter $6.88 Direct labor: 0.55 hours at $12.50 per hour During the most recent month, 4,800 units w produced. The costs associated with the month's ere production of this product were as follows: Material purchased: 13,900 meters at $3.55 per meter 49,345 Material used in production: 17,450 meters Direct labor: 2,600 hours at $12.75 per hour 33,150 The standard cost variances for direct material and direct labor are: $4,865 F Materials price variance: 13,900 meters at $0.35 per meter F Materials quantity variance: 650 meters at $3.90 per meter U Labor rate variance: 2,600 hours at $0.25 per hour U Labor efficiency variance: 40 hours at $12.50 per hour F $2,535 U 650 U 500 F Required: 1. Prepare the journal entry to record the purchase of materials on account for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Transaction General Journal Debit Credit 1 Raw materials 54,210 Materials price variance 4,865 Accounts payable 49,345