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.] Canandaigua Container 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. Direct Labor: Direct Material: Quantity, 0.16 hourQuantity, 9 kilograms Rate, $8.00 per hour kio0-42 pen Actual material purchases amounted to 233,200 kilograms at $0.475 per kilogram. Actual costs incurred in the production of 22,000 units were as follows: Direct labor: 33,264 for 3,960 hours Direct material: $98.230 for 206,80o Direct material: kilograms Record the purchase of direct material on account and the direct-material purchase price variance. 1 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. Record the closing of the direct-material and direct-labor variances to cost of goods sold. 4 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 ournal entry worksheet 2 3 4 Record the purchase of direct material on account and the direct-material purchase price variance. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal