Great Company uses a standard cost system and reports

the following information for $2024$:

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Great Company reported the following variances:

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Great produced $1,000$ units of finished product in

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Begin by journalizing the purchase of direct materials on account, including the related variance. $($Prepare a single

compound journal entry.$)$

Now, journalize the usage of direct materials, including the related variance. $($Prepare a single compound journal entry.$)$

Data table

Standards:

$3$ yards of cloth per unit at $$1\mathrm{.}10$ per yard

$2$ direct labor hours per unit at $$14\mathrm{.}50$ per hour

Overhead allocated at $$5\mathrm{.}00$ per direct labor hour

Actual:

$2,400$ yards of cloth were purchased at $$1\mathrm{.}15$ per yard

Employees worked $1,300$ hours and were paid $$14\mathrm{.}00$ per hour

Actual variable overhead was $$4,000$

Actual fixed overhead was $$3,500$