Problem #3 (30 points) Required: 1. From the following information, prepare the required journal entries for BBM Company, which uses a perpetual inventory system. 2. Compute for Overhead Variance and identify whether the variance is underapplied or overapplied. a. Purchased raw material on account, $56,700. b. Requisitioned raw material for production as follows: direct material-80 percent of purchases; indirect material-15 percent of purchases. C. Direct labor wages of $63,100 are accrued as are indirect labor wages of $12,500. d. Overhead incurred and paid for is $66,900. e. Overhead is applied to production based on 130 percent of direct labor cost. f. Goods costing $97,600 were completed during the period. g. Goods costing $51,320 were sold on account for $77,600