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: Direct material: 2.60 meters at $3.25 per meter $ 8.45 Direct labor: 0.55 hours at $12.50 per hour $ 6.88 During the most recent month, 5,600 units were produced. The costs associated with the months production of this product were as follows: Material purchased: 12,600 meters at $2.80 per meter $ 35,280 Material used in production: 15,060 meters Direct labor: 3,060 hours at $12.75 per hour $ 39,015 The standard cost variances for direct material and direct labor are: Materials price variance: 12,600 meters at $0.45 per meter F $ 5,670 F Materials quantity variance: 500 meters at $3.25 per meter U $ 1,625 U Labor rate variance: 3,060 hours at $0.25 per hour U $ 765 U Labor efficiency variance: 20 hours at $12.50 per hour F $ 250 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.) 2. Prepare the journal entry to record the use of materials for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare the journal entry to record the incurrence of direct labor cost for the month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)