Problem 08-6AA Recording and analyzing materials, labor, and overhead variances LO C1, P6 Boss Company's standard cost accounting system recorded this information from its December operations, Standard direct materials cost Direct materials quantity variance (unfavorable) Direct materials price variance (favorable) Actual direct labor cost Direct labor efficiency variance (favorable) Direct labor rate variance (unfavorable) Actual overhead cost Volume variance (unfavorable) Controllable variance (unfavorable) $ 119,000 3,800 750 38,200 6,850 1,250 374,500 12,500 8,900 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month (Do not prepare the journal entry to close the variances.) Journal entry worksheet Record the materials costs, including the unfavorable quantity and favorable price variances. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record the direct labor costs, including the favorable efficiency variance and unfavorable rate variance. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet