what are the debits and credits?

Problem 10-46 Direct-Material Variances; Journal Entries (Appendix) (LO 10-1, 10-3, 10-9) Rocky Mountain Camping Equipment, Inc., has established the following direct-material standards for its two products. Standard camping tent Deluxe backpacking tent Standard Quantity 22 yards 17 yards Standard Price $10.00 per yard $ 7.80 per yard During March, the company purchased 4,600 yards of tent fabric for its standard model at a cost of $48,760. The actual March production of the standard tent was 160 tents, and 3,600 yards of fabric were used. Also during March, the company purchased 1,600 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,840. The firm used 4,080 yards of the fabric during March in the production of 240 deluxe tents. Required: 1. Compute the direct laterial purchase price variance and quantity variance for March 2. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet Saved Review Problems i uit 2. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March. (If no entry is for a transaction/event, select "No journal entry required" in the first account field.) ces View transaction list View journal entry worksheet Transaction Debit Credit No 1 General Journal Raw-material inventory Direct-material purchase price variance Accounts payable 2 Work-in-process inventory Direct-material quantity variance Raw-material inventory Required 1