Standard Cost Journal Entries Bellingham Company produced 3,000 units that require seven standard pounds per unit at a $8 standard price per pound. The company actually used 20,600 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank. 24,000 X Work in Process Direct Materials Quantity Variance 1,648 X Materials Product Cost Method of Product Pricing La Femme Accessories Inc. produces women's handbags. The cost of producing 1,230 handbags is as follows: Direct materials Direct labor $14,800 7,400 Factory overhead 5,500 Total manufacturing cost $27,700 The selling and administrative expenses are $26,200. The management desires a profit equal to 15% of invested assets of $501,000. If required, round your answers to nearest whole number. a. Determine the amount of desired profit from the production and sale of 1,230 handbags. $ 75,150 b. Determine the product cost per unit for the production of 1,230 handbags. $ 23 per unit c. Determine the product cost markup percentage for handbags. d. Determine the selling price of handbags. Round your answers to nearest whole value. Cost 23 Markup per unit per unit per unit Selling price