Journalizing Transactions Journalize the following transactions for B&Y Manufacturing. a. Purchased 10,000 units of raw materials on account for $24,000. The standard cost was $25,000. b. Incurred direct labour costs of $48,000 for 6,000 hours. The standard labour cost was $50,400. c. Issued 9,700 units of raw materials for production. The standard units were 9,500 units of raw materials. d. Assigned 6,000 direct labour hours costing $50,400 to production. Standard hours allowed were 5,800. ACTION PLAN The Raw Materials Inventory account is recorded using the actual quantities at standard prices. Materials Price Variance is used to record the price variance. Factory Labour is recorded based on the actual hours worked at the standard hourly rate of pay. Labour Price Variance is used to record the labour variance. Work in Process Inventory is recorded using standard materials quantities at standard prices. Raw Materials Inventory is recorded using the actual quantities at standard prices. Work in Process Inventory is recorded based on standard labour hours at standard rates.