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Grand Company reported the following variances:

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Grand produced $1,000$ units of finished product in $2024.$

Read the requirements.

Begin by journalizing the purchase of direct materials on account, including the related variance. $($Prepare a single compound journal entry.$)$

Date

Requirements

Record the journal entries for direct materials, direct labor, variable overhead, and xed overhead, assuming all expenditures were on account and there were no eginning or ending balances in the inventory accounts $($all materials purchased rere used in production, and all goods produced were sold$).$ Record the journal ntries for the transfer to Finished Goods Inventory and Cost of Goods Sold $($omit e journal entry for Sales Revenue$).$ Record the journal entry to adjust the lanufacturing Overhead account. $($Record debits first, then credits. Select the uplanation on the last line of the journal entry table.$)$

Data table

Standards:

$3$ yards of cloth per unit at $$1\mathrm{.}10$ per yard

$2$ direct labor hours per unit at $$15\mathrm{.}50$ per hour Overhead allocated at $$4\mathrm{.}00$ per direct labor hour Actual:

$2,300$ yards of cloth were purchased at $$1\mathrm{.}15$ per yard

Employees worked $1,300$ hours and were paid $$15\mathrm{.}00$ per hour

Actual variable overhead was $$2,000$

Actual fixed overhead was $$4,800$