Problem 5. Write the journal entries relating to standard costs. ( 5 points): 1. Write a journal entry for the purchase of materials in the case where a company paid $200,000 for 40,000 pounds of raw material that that (according to the standard cost card) should have cost $210,000. 2. Write a journal entry for the release 46,000 pounds of material from the Raw Material warehouse to Work in Process. The materials have a standard cost of $5 per pound. The standard amount of material that should have been used given the level of output from Work in Process is 45,000 pounds. 3. Write a journal entry recording actual and standard labor costs and labor rate and efficiency variances. The actual direct labor costs incurred were $560,000 for 53,000 actual hours of work. The standard amount of labor time that should have been used given the level of output from Work in Process is 55,000 hours and the standard labor rate per hour is $10.00