Premium Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Data table Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $12.50 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,400 yards of cloth were purchased at $1.20 per yard Employees worked 1,500 hours and were paid $12.00 per hour Actual variable overhead was $2,400 Actual fixed overhead was $5,800 Data table ---- Premium Company reported the following variances: (Click the icon to view the variances.) Premium produced 1,000 units of finished product in 2024. Read the requirements. Direct materials cost variance $120 U Direct materials efficiency variance Direct labor cost variance 690 F 750 F Direct labor efficiency variance Variable overhead cost variance 6,250 F 1,200 U Variable overhead efficiency variance 1,200 F Fixed overhead cost variance 100 U Fixed overhead volume variance 1,900 F Requirements Record the journal entries for 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 for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done