Maple Leaf Production manufactures truck tires. The following information is available for the last operating period.

• Maple Leaf produced and sold 92,000 tires for $40 each. Budgeted production was 100,000 tires.
• Standard variable costs per tire follow.

Direct materials: 4 pounds at $2	$	8.00
Direct labor: 0.4 hours at $18		7.20
Variable production overhead: 0.18 machine-hours at $10 per hour		1.80
Total variable costs	$	17.00

• Fixed production overhead costs:

Monthly budget $1,350,000

• Fixed overhead is applied at the rate of $15.00 per tire.
• Actual production costs:

Direct materials purchased and used: 384,000 pounds at $1.80	$	691,200
Direct labor: 35,200 hours at $18.40		647,680
Variable overhead: 17,280 machine-hours at $10.20 per hour		176,256
Fixed overhead		1,360,000

Required: (need help with what is in red)

. Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period.

(Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Credit Event 1 A General Journal Work-in-process inventory Materials efficiency variance Materials price variance Accounts payable Debit 736,000 32,000 76,800 691,200 B 2 662,400 14,080 Work-in-process inventory Direct labor price variance Direct labor efficiency variance Wages payable 28,800 647,680 3 165,600 Work-in-process inventory Variable overhead (applied) 165,600 D 4 176,256 Variable overhead (actual) Miscellaneous payables and inventory accounts 176,256 E 5 Variable overhead (applied) Variable overhead price variance Variable overhead efficiency variance Variable overhead (actual) 165,600 3,456 7,200 176,256 F F 6 1,380,000 Work-in-process inventory Fixed overhead (applied) 1,380,000 G 7 1,360,000 Fixed overhead (actual) Miscellaneous payables and inventory accounts 1,360,000 H 8 1,380,000 10,000 Fixed overhead (applied) Fixed overhead price variance Fixed overhead production volume variance Fixed overhead (actual) 30,000 1,360,000 1 9 2,806,000 Finished goods inventory Work-in-process inventory 2,806,000 J 10 3,680,000 Accounts receivable Sales revenue 3,680,000 K 11 2,954,000 Cost of goods sold Finished goods inventory 2,954,000 L 12 76,800 28,800 30,000 Materials price variance Direct labor efficiency variance Fixed overhead production volume variance Materials efficiency variance Direct labor price variance Variable overhead price variance Variable overhead efficiency variance Cost of goods sold 32,000 14,080 3,456 7,200 78,864 X M 13 No journal entry required No journal entry required No journal entry required No journal entry required X x (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. A closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/ required" in the first account field.) View transaction list Journal entry worksheet A F G H J L M M Description Note: Enter debits before credits. Debit Credit Event 13 General Journal No journal entry required No journal entry required No journal entry required No journal entry required Record entry Clear entry View general journal