Exercise 225 Howard, the developed the following standards for 2019 Cost Element Direct materials Direct laber Manufacturing overhead Standard Cost Card Standard Quantity Standard Price 5 pounds Standard Cost The company planned to produce 120.000 units of product and work the 120.000 rector y 2019. The co w s and out in the accounts and recognis variances in the accounts at the care oportunity. During 2019. 116.000 chants of product were produced Prepare the journal entries to record the following transactions for Howard, Inc. during 2018. (Credit accounts are m a ndated when the in t h e cards andard costs r ed t o Cal Purchased 588.000 pounds of raw materials for $4.90 per pound on account (1) Actual direct labor payroll amounted to $2.108,000 for 114,000 actual director hours worked Factory labor costs to be recorded and (c) Direct material issued for production amounted to 50.000 pounds which actually cost $4.90 per pound (d) Actual manufacturing overhead costs nourred were 51,152.000 in 2019, (e) Manufacturing over and was applied when the 116.000 units were completed (1) Transferred the 116,000 completed units to finished goods und produce No. Account Titles and Explanation Debit Credit (To record purchase of materials) (6) (To record direct labor costs) (To assign factory labor to jobs) (c) (To record issuance of raw materials) (To record issuance of raw materials) (To record overhead incurred) (To assign overhead to jobs) (To record transfer of completed units to finished goods) -- dian. Anan Show Work