Exercise 10B-1 Recording Variances in the General Ledger [LO9] Wannabe Corporation makes a product with the following standard costs for direct materials and direct labour Direct materials: 1.90 metres at $6.70 per metre Direct labour: 0.35 hours at S17.00 per hour S 12.73 S 5.95 During the most recent month, 10,000 units were produced. The costs associated with the month's production of this product were as follows Materials purchased: 19,500 metres at S7.00 per metre Materials used in production: 17,400 metres Direct labour: 2,540 hours at S17.75 per hour S 136,500 S 45,085 The standard cost variances for direct materials and direct labour are as follows Materials price variance: 19,500 metres at S0.30 per metre U Materials quantity variance: 1,600 metres at S6.70 per metre F Labour rate variance: 2,540 hours at S0.75 per hour U Labour efficiency variance: 960 hours at S17.00 per hour F S 5,850 U S 10,720 F S 1,905 U S 16,320 F Required: 1. Prepare the journal entry to record the purchase of materials on account for the month. View transaction list Journal entry worksheet Record the purchase of materials on account for the month Note: Enter debits before credits. Event General Journal DebitCredit Record entry Clear entry View general jourmal