Journal Entries Small company has the following information available for Current year standard: material 3.5 ft per unit @ 260 per foot labor 5 direct labor hours @ 8.50 per unit Actual: material 95, 425 feet used(100,000 feet purchased @ 2.50 per foot) labor 122, 400 direct labor hours incurred per unit @ 8.35 per hour 25, 500 units were produced during this period. Direct material variances were calculated as follows: instructions prepare the Journal entry to record the purchase of material on account prepare the journal entry to record the use of moRrlal5 in the factory for the period