Exercise 10B-1 Recording variances in the General Ledger [LO10-5] Bliny Corporation makes a product with the following standard costs for direct material and direct labor: 10.35 Direct material: 3.00 meters at $3.45 per meter Direct labor: 0.40 hours at$13.00 per hour 5.20 During the most recent month, 6,000 units were produced. The costs associated with the month's production of this product were as follows: $41,600 Material purchased: 13,000 meters at $3.20 per meter Material used in production: 18,500 meters 31,350 Direct labor: 2,375 hours at $13.20 per hour The standard cost variances for direct material and direct labor are: $3,250 F Materials price variance: 13,000 meters at $0.25 per meter F $1725 U Materials quantity variance: 500 meters at $3.45 per meter U Labor rate variance: 2,375 hours at $0.20 per hour U 475 U 325 F Labor efficiency variance: 25 hours at $13.00 per hour F Required: 1. Prepare the journal entry to record the purchase of materials on account for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)