K Quality Company uses a standard cost system and reports the following information for 2024 (Click the icon to view the information.) Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry) Accounts and Explanation Date Raw Materials Inventory Debit Credit Data table Direct Materials Cost Variance Accounts Payable Requirements Purchased direct materials Record the journal entries for direct materials, direct labor, variable overhead and fixed overhead assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table 125 Quality Company reported the following variances: EE (Click the icon to view the variances.) Quality produced 1,000 units of finished product in 2024. Read the requirements. Data table Standards 3 yards of cloth per unit at $1.20 per yard 2 direct labor hours per unit at $12.50 per hour Direct materials cost variance Overhead allocated at 63.00 per direct labor hour Direct materials efficiency variance Direct labor cost variance 850 F 2.500 yards of clom were purchased at $1.25 per yard Direct labor efficiency variance Variable overhead cost variance 900 L Employees worked 1,700 hours and were paid $12.00 per hour Actual variable overhead was $2,500 Variable overhead efficiency vanance BODIA Actual fixed overhead was $1,800 Fixed overhead cost variance Fixed overhead volume variande 900 U Print Done Print Done - X