control Your Name-LastName anufacturing Company is using a standard cost accounting system to record and report on manufacturing costs in regard to its single product called Z-Device. Company's accounts as of January 1, 2020 was as follow. Trial Balance As of January 1, 2020 Account Debit Credit Cash 61,700 Accounts Receivable 18,000 Prepaid Insurance 24,000 Supplies 29,000 Equipment 255,000 Accumulated Depreciation-Equipment 48, 125 Building 200,000 Land 35,000 Accumulated Depreciation-Building 75,000 Accounts Payable 26,500 Common Stock, par $10 313,000 Retained Earnings 160,075 Total 622,700 622,700 Company has developed and uses the following standards for its manufacturing costs. Raw materials 2.5 pounds at $12 per pound Direct labor 1.5 hours at $11.70 per hour Variable overhead 1.35 MH at $7 per machine hour Fixed overhead 1.35 MH at $6 per machine hour Budgeted production for year 22,000 units Budgeted machine hours for year 29,700 hours During 2020, company manufactured 20,800 units and used 29,120 of machine hours. The transactions incurred in 2020 were as follows