E8-1 through E8-5 use the following data: The standard operating capacity of Corona Manufacturing Co. Is 1,000 units. A detailed study of the manufacturing data relating to the standard production costo f one producto revealed the following: 1. Two pounds of materials are needed to produce one unit. 2. Standard unit costs of materials is $8 per pound. 3. It takes one hour of labor to produce one unit. 4. Standard labor rate is $10 per hour. 5. Standard overhead for this volume is $4,000 Each case in E8-1 through E8-5 requires the following: a. Set up a standard cost summary showing the standard unit cost. b. Analyze the variances for materials and labor. C. Make journal entries to record the transfer to Work in Process of: Materials costs 1. 2. Labor costs. 3. Ovehead costs (When making these entries, include the variances.) d. Prepare the journal entry to record the trasnfer of costs to the finished Good account.