Problem 8-15 Journal Entries; Variance Analysis; Other Analyses; Review of Chapter Cost and production data for Gigante Products Inc. follow: During the month, 850 units were sold at $60 each. Note: Materials, labor, and overhead are added evenly throughout the process. Required: Hide 1. Make general journal entries to record the production of the units in both departments, the movement of the goods, and sale of the goods. Use the two-variance method for overhead variance analysis. (Hint: You must first compute equivalent units and the variances for materials, labor, and factory overhead.) For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Work in Process-Mixing 4400 Materials Quantity Variance-Mixing (U) 200 Materials Price Variance-Mixing (U) Materials Work in Process-Blending 1900 Materials Price Variance-Blending (F) Problem 8-15 Journal Entries; Variance Analysis; Other Analyses; Review of Chapter Cost and production data for Gigante Products Inc. follow: During the month, 850 units were sold at $60 each. Note: Materials, labor, and overhead are added evenly throughout the process. Required: Hide 1. Make general journal entries to record the production of the units in both departments, the movement of the goods, and sale of the goods. Use the two-variance method for overhead variance analysis. (Hint: You must first compute equivalent units and the variances for materials, labor, and factory overhead.) For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Materials Quantity Variance-Blending (F) Materials Factory Overhead (Indirect Materials) Materials Work in Process-Mixing Labor Rate Variance-Mixing (U) Labor Efficiency Variance-Mixing (F) Payroll Work in Process-Blending Labor Efficiency Variance-Blending (U) Labor Rate Variance-Blending (F) Payroll Factory Overhead (Indirect Labor) Payroll