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.	$	0.76	per sq. ft.	$	9.12
Direct labor	1.5	hr.	$	11.40	per hr.		17.10
Variable manufacturing overhead (based on direct labor hours)	1.5	hr.	$	1.20	per hr.		1.80
Fixed manufacturing overhead ($972,000 1,080,000 units)							0.90

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

Number of units produced and sold		1,180,000
Number of square feet of plastic used		13,570,000
Cost of plastic purchased and used	$	10,041,800
Number of labor hours worked		939,000
Direct labor cost	$	9,671,700
Variable overhead cost	$	1,220,700
Fixed overhead cost	$	964,000

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.)

I am not sure if GJ is correct, please review it. Can you please help with debit and credit and show work.

1. Record entry for direct materials costs and variances.

2. Record entry for direct labor costs and variances.

3. Record the entry for variable overhead costs and variances.

4. Record the entry for fixed overhead costs and variances.

Transaction	General Journal	Debit	Credit
1	Cost of Goods Sold
	Direct Materials Price Variance
	Direct Materials Quantity Variance
	Cash or Accounts Payable
2	Cost of Goods Sold
	Direct Labor Rate Variance
	Direct Labor Efficiency Variance
	Cash or Accounts Payable
3	Cost of Goods Sold
	Variable Overhead Rate Variance
	Variable Overhead Efficiency Variance
	Cash or Accounts Payable
4	Cost of Goods Sold
	Fixed Overhead Spending Variance
	Fixed Overhead Volume Variance
	Cash or Accounts Payable