Grand Company uses a standard cost system and reports the following information for 2018 m (Click the lcon to view the information.) Grand Company reported the following variances (Click the loon to view the variances.) Grand produced 1,000 units of finished product in 2018. Read the requirements Begin by joumalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound joumal entry) Date Accounts and Explanation Debit Credit Direct Labor Cost Variance Data Table Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor hours per unit at $10.25 per hour Overhead allocated at 55.00 per direct labor hour Actual 2,700 yards of cloth were purchased at $1.05 per yard Employees worked 1,900 hours and were paid $9.75 per hour Actual variable overhead was $2,400 Actual foxed overhead was $5,400 Print Done