1. Solve for missing information and journal entries (30 points) Waddell Productions makes separate journal entries for all cost accounting-related activities. It uses a standard cost system for all manufacturing items. For the month of June, the following activities have taken place: Direct Manufacturing Materials Purchased Direct Manufacturing Materials Used Direct Materials Price Variance (at time of purchase) Direct Materials Efficiency Variance Direct Manufacturing Labor Price Variance Direct Manufacturing Labor Efficiency Variance Direct Manufacturing Labor Payable a. Record the journal entries to issue materials and labor to WIP, actual materials and labor costs and the price and efficiency variances. b. Record the necessary journal entries to close the variance accounts to cost of goods sold for the month. $200,000 215,000 12,000 favorable 5,000 favorable 16,000 unfavorable 24,000 favorable 185,000