Premium Company uses a standard cost system and reports the following information for 2018:

Premium Company reported the following variances:

The quality produced 1,000 units of the finished product in 2018.

Requirements as followed:

Please journalize following items,

Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry.)

Journalize the incurrance and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry.)

Journalize the entry to show the actual manufacturing overhead costs incurred.

Record the overhead allocated to Work-in-Process Inventory.

Journalize the movement of all production from Work-in-Process Inventory.

Record the entry to transfer the cost of sales at standard cost.

Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry.)

Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor hours per unit at $11.25 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,500 yards of cloth were purchased at $1.05 per yard Employees worked 1,700 hours and were paid $10.75 per hour Actual variable overhead was $2,200 Actual fixed overhead was $3,300 $ Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance 125 U 500 F 850 F. 3,375 F 1,000 U 1,000 F 700 U 3,200 F Fixed overhead volume variance Record the journal entries to record direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries to record the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit