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$2.50lb $25.00 2 hours@ $21.2/hour 42.40 2 hours @$15.9hour 31.80 30.30 $129.50 Total Budgeted production 5,900 units Actual results Material purchased Material used Direct labor Variable overhead Fixed overhead Units $157,705 63,950 lbs 56,700 lbs 10,930 actual hours $237,556 $175,997 $183,180 and sold 5,600 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. lf 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. 3Answer is not complete No Transaction Debit Credit