Sunland Company installed a standard cost system on January $1.$ Selected transactions for the month of January are as follows.

Purchased $18,300$ units of raw materials on account at a cost of $$2\mathrm{.}50$ per unit. Standard cost was $$2\mathrm{.}30$ per unit.

Issued $18,300$ units of raw materials for jobs that required $17,940$ standard units of raw materials.

Incurred $16,000$ actual hours of direct labor at an actual rate of $$4\mathrm{.}20$ per hour. The standard rate is $$4\mathrm{.}70$ per hour. $($Credit Factory Wages Payable.$)$

Performed $16,000$ hours of direct labor on jobs when standard hours were $16,130.$

Applied overhead to jobs at the rate of $100\%$ of direct labor cost for standard hours allowed.

Journalize the January transactions. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

No$.$ Account Titles and Explanation

Debit

Credit

Raw Materials Inventory

Materials Price Variance

Accounts Payable

Work in Process Inventory

Materials Quantity Variance

Materials Price Variance

$2.$

Work in Process Inventory

Materials Quantity Variance

Raw Materials Inventory

$3.$

Factory Labor

Labor Price Variance

Factory Wages Payable

$4.$

Work in Process Inventory

Labor Quantity Variance

Factory Labor

$5.$

Work in Process Inventory

Manufacturing Overhead