's. Journal entries; variance analysis. Irvine Company manufactures a product having the to owing standard costs: $ 6.00 Materials Labor Vanable factory overhead. Fixed factory overhead (normal capacity is 4.000 labor hours) 3 sq ft $2 ht. a 8 1 hr. et 3 1.50 1.00 $12.50 The following information pertains to actual activity for March: (a) 9,000 units were produced (0) 30,000 sq. ft. of materials were purchased at $2.07. The materials price variance is recorded when the purchase is made. (c) 28,000 sq. ft. of materials were used, (d) Direct labor was $36,080 for 4.400 hours. The liability has been recorded, but the payroll account has not been distributed (e) Factory overhead was $22,500. ( 8,200 units were sold at $16. (9) Marketing and administrative expenses were $20,000. Required: Prepare the journal entries to record the above information, including two variances for each cost element. (CGAA adapted) 's. Journal entries; variance analysis. Irvine Company manufactures a product having the to owing standard costs: $ 6.00 Materials Labor Vanable factory overhead. Fixed factory overhead (normal capacity is 4.000 labor hours) 3 sq ft $2 ht. a 8 1 hr. et 3 1.50 1.00 $12.50 The following information pertains to actual activity for March: (a) 9,000 units were produced (0) 30,000 sq. ft. of materials were purchased at $2.07. The materials price variance is recorded when the purchase is made. (c) 28,000 sq. ft. of materials were used, (d) Direct labor was $36,080 for 4.400 hours. The liability has been recorded, but the payroll account has not been distributed (e) Factory overhead was $22,500. ( 8,200 units were sold at $16. (9) Marketing and administrative expenses were $20,000. Required: Prepare the journal entries to record the above information, including two variances for each cost element. (CGAA adapted)