Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output, the following direct manufacturing costs are anticipated: Direct labor: 3.20 hours at $27.00 per hour Direct materials: 3.20 gallons at $22.00 per gallon $86.40 $70.40 During December of the current year, Boron produced a total of 2,620 gallons of output and incurred the following direct manufacturing costs: Direct labor: 8,250 hours worked at an average wage rate of $20.70 per hour Direct materials: Purchased: 9,200 gallons @ $22.45 per gallon Used in production: 8,500 gallons Boron records price variances for materials at the time of purchase. Required: Prepare journal entries for the following events and transactions. 1. Purchase, on credit, of direct materials. 2. Direct materials issued to production 3. Direct labor cost of units completed this period. 4. Direct manufacturing cost (direct labor plus direct materials) of units completed and transferred to Finished Goods Inventory. 5. Sale (on credit), for $270 per gallon, of 2,400 gallons of output. (Hint: You will need two journal entries here.) (For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) Journal entry worksheet 1 2 4 5 6 Purchase, on credit, of direct materials. Note: Enter debits before credits Transaction General Journal Debit Credit 01 Journal entry worksheet 23 1 4 5 6 Direct materials issued to production Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Journal entry worksheet 1 2 3 4 5 6 Direct labor cost of units completed this period Note: Enter debits before credits. Transaction General Journal Debit Credit 03 1 4. 2 3 5 6 Direct manufacturing cost (direct labor plus direct materials) of units completed and transferred to Finished Goods Inventory. Note: Enter debits before credits. General Journal Transaction Debit Credit 04 1 2 3 4 5 6 Record the cost of goods sold for the sale Note: Enter debits before credits Transaction General Journal Debit Credit 5(a) CO LO Record the sale on account Note: Enter debits before credits. General Journal Transaction Debit Credit 5(b)