Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:

	Standard Quantity		Standard Price (Rate)			Standard Unit Cost
Direct materials (plastic)	12	sq ft.	$	0.61	per sq. ft.	$	7.32
Direct labor	0.1	hr.	$	10.00	per hr.		1.00
Variable manufacturing overhead (based on direct labor hours)	0.1	hr.	$	0.50	per hr.		0.05
Fixed manufacturing overhead ($160,000 800,000 units)							0.20

Parker Plastic had the following actual results for the past year:

Number of units produced and sold		900,000
Number of square feet of plastic used		10,350,000
Cost of plastic purchased and used	$	6,106,500
Number of labor hours worked		85,000
Direct labor cost	$	816,000
Variable overhead cost	$	51,000
Fixed overhead cost	$	138,000

Required: 1., 2., 3., & 4. Prepare the journal entry to record Parker Plastic's direct materials, direct labor, variable overhead, fixed overhead costs and related variances. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

• Record entry for direct materials costs and variances.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1

Journal entry worksheet

• Record entry for direct materials costs and variances.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1