Direct Materials, Direct Labor, and Overhead Variances, Journal Entries

Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet:

Direct materials $(5$ lbs$.$ @ $ $$2\mathrm{.}60)$

Direct labor $(0\mathrm{.}75$ hr$.$ @ $$18\mathrm{.}00)$

Fixed overhead $(0\mathrm{.}75hr.($i$)$ $$4\mathrm{.}00)$

Variable overhead $(0\mathrm{.}75hr,$ @ $$3\mathrm{.}00)$

Standard cost per unit

$\backslash$table$[[$$$13\mathrm{.}00$