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Premium Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Premium Company reported the following variances: (Click the icon to view the variances.) Premium produced 1,000 units of finished produc in 2024. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Data table hces: con to view the variz uced 1,000 units of Standards: 3 yards of cloth per unit at $1.05 per yard 2 direct labor hours per unit at $15.50 per hour Overhead allocated at $6.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.10 per yard Employees worked 1,200 hours and were paid $15.00 per hour Actual variable overhead was $2,100 Actual fixed overhead was $8,600 Data table ck the icon to view m produced 1,000 he related variance