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: 3.98 hours at $27.00 per hour Direct materials: 3.90 gallons at $23.00 per gallon $105.30 $ 89.70 During December of the current year, Boron produced a total of 2,690 gallons of output and incurred the following direct manufacturing costs: Direct labor: 10,350 hours worked at an average wage rate of $21.40 per hour Direct materials: Purchased: 11,400 gallons @ $23.45 per gallon Used in production: 10,600 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. Sole (on credit), for $340 per gallon, of 2,500 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 . (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.) View transaction list Journal entry worksheet View transaction list Journal entry worksheet Direct labor cost of units completed this period. Note: Enter debits before credits. General Journal Transaction 03 Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet View transaction list Journal entry worksheet ction/event, select "No journa field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Shy Record the sale on account. Note: Enter debits before credits. Transaction General Journal Debit Credit 5(b) Record entry Clear entry View general journal