Juliano Corporation uses a standard cost system in which inventories are recorded at the standard costs and any variances are closed directly to Cost of Goods Sold. The standard cost card for the company's only product is as follows: Inputs Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit Standard Quantity or Hours 1.5 pounds 0.80 hours 0.89 hours Standard Price or Standard Rate Cost $ 6.00 per pound $ 9.00 $22.00 per hour 17.60 $ 5.50 per hour 4.40 $31.00 During the year the company purchaseid 29,700 pounds of raw material at a price of $5 20 per pound and used 25700 pounds of the raw material to produce 12.200 units of work in process Assume that will transactions are recorded on worksheets shown in the text. On the left hand side of the quals tion in the worksheet are columns for Cash, Raw Materials. Work in Process, Finished Goods, and PPE (net) Al of the variance columns are on the right hand side of the equals signalong with the column for Retained Earrings When the raw materials used in production are recorded, which of the following entries will be made? Juliano Corporation uses a standard cost system in which inventories are recorded at the standard costs and any variances are closed directly to Cost of Goods Sold. The standard cost card for the company's only product is as follows: Inputs Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit Standard Quantity or Hours 1.5 pounds 0.80 hours 0.89 hours Standard Price or Standard Rate Cost $ 6.00 per pound $ 9.00 $22.00 per hour 17.60 $ 5.50 per hour 4.40 $31.00 During the year the company purchaseid 29,700 pounds of raw material at a price of $5 20 per pound and used 25700 pounds of the raw material to produce 12.200 units of work in process Assume that will transactions are recorded on worksheets shown in the text. On the left hand side of the quals tion in the worksheet are columns for Cash, Raw Materials. Work in Process, Finished Goods, and PPE (net) Al of the variance columns are on the right hand side of the equals signalong with the column for Retained Earrings When the raw materials used in production are recorded, which of the following entries will be made