GrandScapes is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Last month, the company reported the following actual results for the production of 1,100 flower pots: (Click the icon to view the actual results.) (Click the icon to view related variances.) Assume the company uses a standard cost accounting system. Requirements 1. 2. 3. Record Chic Ceramics' direct material and direct labor journal entries. Record Chic Ceramics' journal entries for manufacturing overhead, including the entry that records the overhead variances and closes the Variable and Fixed Manufacturing Overhead account. Record the journal entries for the completion and sale of 1,100 flower pots, assuming GrandScapes sold (on account) all of the flower pots at a sales price of $490 each. (There were no beginning or ending inventories.) Requirement 1. Record Chic Ceramics' direct material and direct labor journal entries. (Record debits first, then credits. Exclude explanations from any journal entries. Abbreviations used: DM = Direct materials, DL = Direct labor) Let's start by recording the entry for the purchase of raw materials. Date Data table Journal Entry Accounts - Debit Credit Data table ata table Direct materials price variance Direct materials quantity variance $ 2,052 U Direct materials. $2,640 U Direct labor... Direct labor rate variance $7,920 F Direct labor efficiency variance $10,120 U Actual variable manufacturing overhead.. Variable overhead rate variance $1,056 U Variable overhead efficiency variance $2,640 U Fixed overhead budget variance $200 F Fixed overhead volume variance $3,000 F Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production.... Purchased 10,260 pounds at a cost of $4.20 per pound; . used 9,460 pounds to produce 1,100 pots Worked 2.4 hours per flower pot (2,640 total DLH) at a cost of $20.00 per hour $6.40 per direct labor hour for total actual variable manufacturing overhead of $16,896 $7,800 ... $11,000 Direct materials (resin) Direct labor... Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate 8 pounds per pot at a cost of $4.00 per .pound .2.0 hours at a cost of $23.00 per hour $6.00 per direct labor hour . $8,000 . $5.00 per direct labor hour (DLH)