Required Information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below] Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.27 hour Quantity, 6 kilograms Rate, $13.50 per hour Price, $0.64 per kilogram Actual material purchases amounted to 290.400 kilograms at $0.660 per kilogram. Actual costs incurred in the production of 44,000 units were as follows: Direct labor: $169, 480 for 12, 320 hours Direct material: $178,596 for 279, 609 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field. Do not round Intermediate calculations.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Raw-material inventory Direct-material purchase price variance Accounts payable 2 2 Work-in-process inventory Direct-material quantity variance Accounts payable / 3 3 Work-in-process inventory Direct-labor rate variance Direct-labor efficiency variance Wages payable 4 Cost of goods sold Direct-material purchase price variance Direct-material quantity variance Direct-labor rate variance Direct-labor efficiency variance