The Valley Plant of Patton Supply manufactures a single product. The standard cost sheet for the product follows: Direct materials, 2 pounds at $10.00 per pound $ 20 Direct labor, 0.8 hours at $31.25 per hour 25 Factory overhead applied at 120 % of direct labor (variable costs = $18; fixed costs = $12) 30 10 12 $ 97 Variable selling and administrative cost Fixed selling and administrative cost Total unit costs Standards have been computed based on a master budget activity level of 20,000 direct labor-hours per month. Actual activity for the past month was as follows: Materials used Direct labor Total factory overhead 46,500 pounds at $9.90 per pound 17,800 hours at $32 per hour $ 657,000 22,500 units Production Assume there are no beginning inventories or ending inventories. All production was sold on account for $2,500,000. Selling and administrative costs were incurred as budgeted. Selling and administrative costs were paid in cash. Required: Prepare the journal entries to record the activity for the last month using standard costing. Assume that all variances are closed to Cost of Goods Sold at the end of the month. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A B C D E F H J Record the actual costs of direct Materials incurred. Note: Enter debits before credits. Event 1 General Journal Debit Credit