Olympic Place Productions uses a standard cost system for all manufacturing transactions. For the month of September, the following activities have taken Actual Costs Incurred (Actual Input Qty. x Actual Rate) Flexible Budget (Budgeted Input Qty. Allowed for Actual Output x Budgeted Rate) Actual Input Qty. * Budgeted Rate Purchases Usage Direct Materials (100,000 $550) $550.000 (100,000 $5.00) $500,000 (98,200 * $5.00) $491,000 (10 x 9,850 $5.00) $492.500 $50,000 U Rate variance $1.500 F Efficiency variance Direct Manufacturing Labour (4.900 $35.00) $171,500 (4.900 * $ 33.00) $161,700 (05 x 9.810 * 533) $162 525 $9.800 U Rate variance $825 F Efficiency variance Required: Record the necessary journal entries to: 1. Record the materials purchases assuming that materials rate variances are recorded at the time of purchase. (2 marks) 2. Record the materials placed into production