Wallace Inc. uses a standard cost system and has provided the following information:

Standards:		Per unit
Direct materials	10 lbs @ $2.50/lb	$	25.00
Direct labor	2 hours @ $22.7/hour		45.40
Variable overhead	2 hours @ $16.80/hour		33.60
Fixed overhead			29.50
Total		$	133.50

Budgeted production = 5,900 units

Actual results
Material purchased	63,950	lbs		157,730
Material used	56,600	lbs
Direct labor	10,950	actual hours		254,465
Variable overhead				186,120
Fixed overhead				178,350
Units produced and sold	5,600	units

Prepare the journal entries to record the following transactions. Assume Wallace Inc. does not maintain inventories other than direct materials (production is equal to sales). (Do not round your intermediate calculations. Round your answers to the nearest whole number. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Purchase of direct materials on account.
2. Usage of direct materials.
3. Incurrence of direct labor.
4. Incurrence and application of variable overhead.
5. Incurrence and application of fixed overhead.