Instructions Deporte Company produces single-colored t-shirts Materials for the shirts are dyed in large vats. Ator dying the materials for a given color, the vats must be cleaned and prepared for The next batch of materials to be colored. The following standardu for changeover for a given batch have been established $1.92 Det materiais (24 boc $0.80) Det bor 6.30 h 574) 5.92 Sandton prime cost $784 During the year, 71,550 pounds of material were purchased and used for the changeover activity. There were 27,000 batches produced, with the following actual prime costs: Direct materials $45,987 Direct labor (for 21,565 hrs.) $156,871 Required: 1. Prepare a journal entry on Dec 31 for the purchase of raw materials. Arcord the transaction as a compound entry 2. Prepare a journal entry on Dec 31 for the issuance of raw materials. Record the transaction as a compound entry 3. Prepare a journal entry on Dec 31 for the addition of Inbor to Work in Process Record the transaction as a compound onby 4. Prepare a journal entry on Dec 31 for the closing of variances to cost of Goods Sold record the transaction as a compound entry Chart of Accounts General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 131 Supplies 132 Prepaid Insurance 141 Materials 142 Work in Process 143 Overhead Control 144 Finished Goods 170 Land 180 Equipment 181 Accumulated Depreciation EXPENSES 510 Cost of Goods Sold 511 Materials Price Variance 512 Materials Usage Variance 513 Labor Efficiency Variance 514 Labor Rate Variance 520 Insurance Expense 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 590 Miscellaneous Expense LIABILITIES 210 Accounts Payable 220 Accrued Payroll 230 Utilities Payable 240 Lease Payable Journal GENERAL JOURNAL DATE ACCOUNT POST REF DEBIT CREDIT 1 2 3 4 5 6 7 9 10 11 12 13 14 15