Variances, Entries, and Income Statement A summary of Glendale Company's manufacturing variance report for May 2016 follows: Total Standard Costs (9,200 units) Actual Costs (9,200 units) Variances Direct material Direct labor Variable overhead Fixed overhead $40,940 200,100 30.360 9660 $281,000 $45,080 $4,140 U 199510 590 F 30.100 9660 260F $284,350 $3.290 U Standard material cost per unit of product is 0.5 pounds at $8.90 per pound, and standard direct labor cost is 1.5 hours at $14.50 per hour. The total actual materials cost represents 4,900 pounds purchased at $9.20 per pound. Total actual labor cost represents 14,200 hours at $14.05 per hour. According to standards, variable overhead rate is applied at $2.20 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product). Assume that all fixed overhead is applied to work in progress inventory. a. Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "P" for Favorable or "U" for Unfavorable. Materials Variances Actual cost Spit cost Standard cost Materials price Materials efficiency s Labor Variances Actual cost Solt cost Artual cas Split cost Standart cost Materials price Materia effenty Labor Variances Actual st Split cost Laborrate Labor efficiency : Variable Overhead Variances Actual cost Spit cost Standand cost Vanable overhead spending Variable overhead efficiency b. Prepare general journal entries to record standard costs, actual costs, and related variances for material, labor, and overhead. General Journal Description Materials inventory To record the purches of direct aterials Work in process inventory To record the use of direct materials Work in process inventory Labor rate variance To record direct labor costs and related cost aces Debit Credit c. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory and the subsequent sale of 8,400 units on account at $54 each (assume no beginning finished goods inventory General journal Description Debit Credit To record completion ofants To record salesfor . $ To record cost ofunts d. Prepare a partial income statement (through gross profit on sales) showing gross profit based on standard costs, the incorporation of variances, and gross profit based on actual costs Do not use negative signs with any of your answers below Sales Glendale Company Partial Income Statement For the Month Ended May 31,2016 Cost of goods at standard cist Gross proft at standard cast Nat cost variance Materi Labor Varable overhead Gross prot steal cu