Kita Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. 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 3.3 pounds 0.80 hours 0.30 hours Standard Price or Standard Rate Cost $ 7.50 per pound $24.75 $20.50 per hour 16.40 $18.50 per hour 14.80 $55.95 During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at an average cost of $21.20 per hour. Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given PP&E (net) stands for Property. Plant and Equipment net of depreciation Raw Work in Cash Materials Process 1/1 51,100,000 549,500 50 Finished PPSE Goods (net) $50, 355 5559,900 - Materials Material Price Quantity Labor Ratentriciency vol Budgetron Volume R Variance Variance Variance Variance Variance Variance 50 $0 SO 30 SO SO $1 When recording the direct labor costs, the Cash account will increase (decrease) by on manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the y product is as follows: terials bor ufacturing overhead ndard cost per unit Standard Quantity or Hours 3.3 pounds 0.80 hours 0.80 hours Standard Price or Standard Rate Cost $ 7.50 per pound $24.75 $20.50 per hour 16.40 $18.50 per hour 14.80 $55.95 6the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 24,820 hours at st of $2120 per hout Il transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net)stands for Property, Plant, and of depreciation Raw Work in Materials Process 3,000 $49,500 SO Materials Materials Labor Tinished PPLE Price Quantity Labor Rate Efficiency FOH Budget POH Volume Retained Goods (net) - Variance Variance Variance Variance Variance Variance Earnings $50,355 $559,900 - $0 $0 $0 $0 $0 $0 $1,759,755 is the direct labor costs, the Cash account will increase (decrease by