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8. NOW ASSUME that the company uses a standard costing system for recording product costs. The company recognizes direct materials variances at the time of usage. Journalize the following, assuming that the company uses normal costing AND standard costing: a) Direct materials purchases, on account b) Direct materials payments to vendors c) Direct materials usage in production d) Direct materials variances e) Direct labor incurrence in production f) Payments to direct labor employees 9. Provide the journal entries required to dispose of the variances computed in #8(d) and #8(g) above, assuming that these amounts are considered immaterial. 10. NOW ASSUME that the variances computed above are considered material. Would this change the entry? How would this be handled? What additional information would be needed? 8. NOW ASSUME that the company uses a standard costing system for recording product costs. The company recognizes direct materials variances at the time of usage. Journalize the following, assuming that the company uses normal costing AND standard costing: a) Direct materials purchases, on account b) Direct materials payments to vendors c) Direct materials usage in production d) Direct materials variances e) Direct labor incurrence in production f) Payments to direct labor employees 9. Provide the journal entries required to dispose of the variances computed in #8(d) and #8(g) above, assuming that these amounts are considered immaterial. 10. NOW ASSUME that the variances computed above are considered material. Would this change the entry? How would this be handled? What additional information would be needed