12 Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.] Part 1 of 2 Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. 0.85 points Direct Labor: Quantity, 0.29 hour Rate, $14.50 per hour Direct Material: Quantity, 8 kilograms Price, $0.68 per kilogram eBook References Actual material purchases amounted to 412,800 kilograms at $0.700 per kilogram. Actual costs incurred in the production of 48,000 units were as follows: Direct labor: Direct material: $228,096 for 15,360 hours $273,840 for 391,200 kilograms Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list x 1 Record the purchase of direct material on account and the direct-material purchase price variance. 2 Record the addition of direct-material cost to work-in- process inventory and the direct-material quantity variance. 3 Record the addition of direct-labor cost to work-in- process inventory and the direct-labor variances. 4 Record the closing of the direct-material and direct-labor variances to cost of goods sold. Journal entry worksheet Record the addition of direct-material cost to work-in-process inventory and the direct-material quantity variance. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal