Grand Ceramics is a manufacturer of ceramic bottles. E (Click the icon to view the standards.) Last month, Grand Ceramics reported the following actual results for the production of 75,000 bottles: (Click the icon to view the actual results.) Requirements Use a standard cost accounting system to do the following: 1. Record Grand Ceramics's direct materials and direct labour journal entries. 2. Record Grand Ceramics's journal entries for manufacturing overhead, including the entry that records the overhead variances and closes the manufacturing overhead account. 3. Record the journal entries for the completion and sale of the 75,000 bottles, assuming Grand Ceramics sold (on account) all of the 75,000 bottles at a sale price of $8 each. (There were no beginning or ending inventories.) (Click the icon to view related variances.) . Requirement 1. Record Grand Ceramics's direct materials and direct labour journal entries. (Record debits first, then credits. Explanations are not required.) Let's start by recording the entry for the purchase of raw materials. Date Accounts Debit Credit - X Data table The company has these standards: Direct materials (clay) 1.2 kg per bottle, at a cost of $0.44 per kg Direct labour ... 1/5 hour per bottle, at a cost of $14.20 per hour Static budget variable overhead $70,200 Static budget fixed overhead ... $29,120 Static budget direct labour hours 10,400 hours Static budget number of bottles ......... 49,000 Grand Ceramics allocates manufacturing overhead to production based on standard direct labour hours. The standard predetermined variable manufacturing overhead rate is $6.75, and the standard predetermined fixed manufacturing overhead rate is $2.80. Print Done - x Data table Direct materials Direct labour Actual variable overhead Actual fixed overhead... 1.4 kg per bottle, at a cost of $0.60 per kg 1/4 hour per bottle, at a cost of $13.70 per hour $104,900 $28,300 Print Done - X Data table $ 16,800 U 6,600 U Direct materials price variance Direct materials efficiency variance Direct labour price variance Direct labour efficiency variance Total manufacturing overhead variance Overhead flexible budget variance Production volume variance 9,375 F 53,250 U 10,050 F 2,830 U 12,880 F Print Done