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Direct Materials, Direct Laboc, and Overhead Variances, Journal Entries Algers Company produces dry fertilizer. At the beginning of the year, Aigers had the following standard cost sheet: Algers computes its overbead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: a. Units produced: 53,000 b. Direct materials purchased: 274,000 pounds at $2,50 per pound c. Direct materials used: 270,400 pounds d. Direct laboe: 40,100 hours at $17.95 per hour e. Fixed overhead: $161,800 f. Variable overhesd: $122,000 Required: 1. Compute price and usage variances for direct moterials. 2. Compute the direct labor rate and labor efficiency variances. 3. Comoute the fixed overhead soendina and volume variances. 4. Compute the variable overhead spending and efficiency variances. 5. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) c. The addition of direct labar to Work in Process d. The addition of averhead to Work in Process e. The incurrence of actual overhead costs If an amount box does not require an entry, leave it blank. a. 5. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Werk in Process) c. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual averhead costs t blank. f. Prepare fournal entries for the closing out of variances to Cost of Goods Sold. If an amount box does not require an entry, leave it blank. First, dose direct materials and direct labar variances: Second, recognize the overhesd variances: If an amount box does not require an entry, leave it blank. 3 more Check My Work uses remaining f. Prepare journal entries for the closing out of variances to Cost of Goods Sold. If an amount boik does not retuire an entry. leave it blank. Frst, close direct materials and direct labor variances: Second, recognize the overhead variances: If an amount box does not require an entry, leave it blank, Third, close the overthead variances: Note: Close the variances with a debit balance first. For compound entries, if an amount box does not require an entry, leave it blank. 3 more Check My Work uses renuining