Exercise 16-48 (Algo) (Appendix used in requirement [c]) Comprehensive Cost Variance Analysis (LO 16- 5, 6, 7) Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 93,000 tires for $36 each. Budgeted production was 97,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.35 hours at $15.00 Variable production overhead: 0.10 machine-hours at $15 per hour Total variable costs $ 8.00 5.25 1.50 $14.75 Fixed production overhead costs: Monthly budget $1,458,000 Fixed overhead is applied at the rate of $16.00 per tire. Actual production costs: Direct materials purchased and used: 397,000 pounds at $1.70 Direct labor: 28,500 hours at $15.30 Variable overhead: 11,000 machine-hours at $15.70 per hour Fixed overhead $ 674,900 436,050 172,700 1,459,000 Journal entry worksheet Record entry to transfer finished goods to inventory. Note: Enter debits before credits. Event Debit Credit 9 General Journal Finished goods inventory Work-in-process inventory Record entry Clear entry View general journal Journal entry worksheet