Ultra, Inc. manufactures and sells a full line of sunglasses. The company uses a standard cost system. Department managers' are held responsible for the explanation of the variances in their department performance reports. Recently, the variances in the Prestige line of sunglasses have been of concern. Data for the month of August is presented below. Assume beginning and ending Inventory levels for WP and FG are zero. Statk Budget Actual $592,800 $566,100 revenues $151,000 $163,700 DM DL $134,000 $136,500 $114,200 $113,800 FOH (cost driver - DL hours) $193,600 $152,100 gross profit $76.00 $76.50 selling price per Prestige sunglass DM (total it ounces) DL rate 15 per DL hour) 15,600 16.100 $18.00 $19.55 (1) Prepare the joumal entry for the purchase of DM. Assume DM ourchmes=DM used. (2 points) accounts payable DM spending variance DM inventory (2) Prepare the joumal entry for the releme of DM into production. (2 points) WP Inventory DM Inventory DM efficiency variance 2 (3) Prepare the journal entries for DL. (4 points) 3 DL expense 14 15 wases payable 46 47 Deficiency variance 48 WP inventory 49 DL spending variance 50 DL expense 51 52 (4) Prepare the ouma entre for FOH (4 points 53 54 accounts payable 55 FOH expenses