Grand Company uses a standard cost system and reports the following information for 2024: Grand Company reported the following variances: (Click the icon to view the information.) (Click the icon to view the variances.) Grand produced 1,000 units of finished product in 2024. Read the Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Data table Data table Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $11.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.20 per yard Employees worked 1,200 hours and were paid $11.00 per hour Actual variable overhead was $2,200 Actual fixed overhead was $3,300 Grand Company uses a standard cost system and reports the following information for 2024: Grand Company reported the following variances: (Click the icon to view the information.) (Click the icon to view the variances.) Grand produced 1,000 units of finished product in 2024. Read the Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Data table Data table Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $11.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.20 per yard Employees worked 1,200 hours and were paid $11.00 per hour Actual variable overhead was $2,200 Actual fixed overhead was $3,300