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how do i prepare the journal entries as followed? Draper, Inc. is a privately held furniture manufacturer. For August 2020, Draper had the following standards

how do i prepare the journal entries as followed?

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Draper, Inc. is a privately held furniture manufacturer. For August 2020, Draper had the following standards for one of its products, a wicker chair: (Click the icon to view the standards.) (Click the icon to view the costs and variances for actual production.) i Standard Costs and Usage - X Required: Prepare the journal entries specified below. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from an Journal Entry Standards per Chair Date Accounts Debit Credit Direct materials 3 square yards of input at $5.50 per square yard 1. (a) Direct manufacturing labor 0.5 hour of input at $10.50 per hour Print Done Now prepare the journal entry for direct materials efficiency variance. i Option 1 - X Journal Entry Date Accounts Debit Credit For August 2020, Draper had the following costs and variances for actual 1. (b) production of 2,700 chairs, 7,700 square yards of input purchased and used: Option 1: Actual production Actual input Flexible Next, prepare the journal entry for direct manufacturing labor price and efficiency variances. Actual costs Budgeted price budget costs Direct materials $ 43,120 $ 42,350 $ 44,550 Journal Entry Direct manufacturing labor 10,282 10,185 14,175 Date Accounts Debit Credit 1. (c) Price Efficiency variances variances Direct materials 770 U $ 2,200 F Direct manufacturing labor 97 U 3,990 F Print Done

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