Under a standard costing system, prepare the journal entries related to the recordation of labor and materials below: Actual pay rate = $18/hour Standard pay rate = $16.50/hour Actual labor hours = 60 Standard labor hours = 57 Raw material price (actual) = $7-50/item Raw material price (standard) = $7.00/item Actual raw materials items used = 1.200 Standard raw materials items used = 1.000