Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: $2.24 1 Direct materials (2.8 lbs. @ $0.80) 2 Direct labor(0.75 hr. @ $7.8) 5.85 3 Standard prime cost $8.09 During the year, 79,300 pounds of material were purchased and used for the changeover activity. There were 26.000 batches produced, with the following actual prime costs: Direct materials $50,948 Direct labor (for 19.457 hrs.) $140,388 Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry 2. Prepare a journal entry on Dec 31 for the issuance of raw materials. Record the transaction as a compound entry 3. Prepare a journal entry on Dec 31 for the adortion of labor to Work in Process Record the transaction as a compound entry. 4. Prepare a journal entry on Dec 31 for the closing of variances to Cost of Goods Sold Record the transaction as a compound entry