SDC Inc. has established the following standard cost per unit:
Materials­4 lb @ $4.50 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.00
Labor-2hr @ $12 per hr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.00
Although 10,000 units were budgeted, 12,000 units were produced.
The Purchasing department bought 50,000 lb of materials at a cost of $237,500. Actual pounds of materials used were 46,000. Direct labor cost was $287,500 for 25,000 hours worked.

Required:
1. Make journal entries to record the materials transactions, assuming that the materials price variance was recorded at the time of purchase.
2. Make journal entries to record the labor variances.