Bullseye Company manufactures dartboards. Its standard cost information follows:

Standard QuantityStandard Price (Rate)Standard Unit CostDirect materials (cork board)3.4sq. ft.$1.45per sq. ft.$4.930Direct labor1hrs.$15.70per hr.15.70Variable manufacturing overhead (based on direct labor hours)1hrs.$1.40per hr.1.40Fixed manufacturing overhead ($106,700/97,000 units)1.10

Bullseye has the following actual results for the month of September:

Number of units produced and sold87,000Number of square feet of corkboard used300,700Cost of corkboard used$474,815Number of labor hours worked92,000Direct labor cost$1,352,400Variable overhead cost$126,960Fixed overhead cost$111,700

Required:

1 & 2.Prepare the journal entries to record the direct materials, direct labor and related variances for Bullseye. Assume the company purchases direct materials as needed and does not maintain any ending inventories.(Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

?

Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Standard Price Standard Unit Quantity (Rate) Cost Direct materials (cork board) 3.4 sq. ft. s 1.45 [fir sq' $ 4.930 Direct labor 1 hrs. $15.70 per hr. 15.70 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 1.40 per hr. 1.40 Fixed manufacturing overhead ($106,700/97,000 units) 1.10 Bullseye has the following actual results for the month of September: Number of units produced and sold 87,000 Number of square feet of corkboard used 300,700 Cost of corkboard used 5 474,815 Number of labor hours worked 92,000 Direct labor cost $1,352,400 Variable overhead cost $ 126,960 Fixed overhead cost $ 111,700 I Required: 1 8: 2. Prepare thejournal entries to record the direct materials. direct labor and related variances for Bullseye. Assume the company purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account field.) View transaction list Journal entry worksheet Record the entry for direct materials costs and variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 38,800 Direct Materials Quantity Variance 7,105 Direct Materials Price Variance 38,800 Record entry Clear entry View general journalView transaction list Journal entry worksheet Record the entry for direct labor costs and variance. Note: Enter debits before credits. Direct Labor Efficiency Variance Direct Labor Rate Variance Cash or Accounts Payable Record entry Clear entry View general journal