Question 2 Answer saved Marked out of 6.00 JOURNAL ENTRY FOR LABOR The Edmonton Manufacturing company had the followng costs incurred in its standard costing system: \begin{tabular}{|l|l|l|} \hline ACTUAL COSTS & FLEXIBLE & FLEXIBLE \\ \hline OF LABOR & BUDGET BASED & BUDGET BASED \\ \hline$15,000 & ON INPUTS & ON OUTPUTS \\ \hline & $12,000 & $9,600 \\ \hline \end{tabular} Prepare the entry to record the costs incurred for the month of January. What is the inventory account that is debited in the entry to record the labor costs incurred for the month of January? What is the amount of the rate variance that is recorded in the journal entry to record the labor costs incurred for the month of January? Is the rate variance that is recorded in the journal entry to record the labor costs incurred for the month of January a DEBIT or a CREDIT? What is the amount of the efficiency variance that is recorded in the journal entry to record the labor costs incurred for the month of January? Is the efficiency variance that is recorded in the journal entry to record the labor costs incurred for the month of January a DEBIT or a CREDIT? What is the account that is credited in the journal entry when recording the labor costs incurred for the month of January? What is the DEBIT in the journal entry when the goods are moved from work in process to finished goods? What is the CREDIT in the journal entry when the goods are moved from work in process to finished goods? What is the AMOUNT in the journal entry when the goods are moved from work in process to finished goods