Wallace Inc. uses a standard cost system and has provided the following information Standards Direct materials Direct labor Variable overhead Fixed overhead Per unit 10 lb@ $2.10/lb $ 21.00 2 hours $21.3/hour 42.60 2 hours @ $15.60/hour 31.20 29.70 $124.50 Total Budgeted production-6,000 units Actual results Material purchased Material used Direct labor Variable overhead Fixed overhead Units produced and sold 64,950 lbs 57,600 lbs 11,170 actual hours $134,245 $243,821 $176,442 $182,620 5,700 units Prepare the journal entries to record the following transactions. Assume Wallace Inc. does not maintain inventories other than direct materials. (Do not round your intermediate calculations. Round your answers to the nearest whole number. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Purchase of direct materials on account. b. Issuance of direct materials to production c. Incurrence of direct labor d. Incurrence and application of variable overhead e. Incurrence and application of fixed overhead. View transaction list Journal entry worksheet 2 3 4 Record purchase of direct materials on account. Note: Enter debits before credits. Transaction Credit Debit General Journa Record entry Clear entry View general journal