The Lahn Company produces and sells a single product. Standards have been establ

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The Lahn Company produces and sells a single product. Standards have been established for the product as follows: Direct materials: 5 pounds @ $3.50 per pound = $17.50 Direct labor: 3 hours @ $5.50 per hour = $16.50 Actual cost and usage figures for the past month follow: Units produced 750 Direct materials used 4,000 pounds Direct materials purchased (4,500 pounds) $ 14,400 Direct labor cost (2,000 hours) $ 11,200 Required: Prepare journal entries to record: a. The purchase of raw materials. General journal Debit Credit (Click to select)Raw materials inventoryLabor rate varianceLabor efficiency varianceMaterials quantity varianceDirect laborAccounts payableDirect materialsMaterials price variance (Click to select)Labor rate varianceRaw materials inventoryLabor efficiency varianceMaterials quantity varianceMaterials price varianceDirect materialsAccounts payableDirect labor (Click to select)Materials quantity varianceLabor rate varianceDirect laborRaw materials inventoryAccounts payableDirect materialsLabor efficiency varianceMaterials price variance b. The usage of raw materials in production. General journal Debit Credit (Click to select)Materials quantity varianceLabor efficiency varianceDirect materialsWork in processAccounts payableLabor rate varianceDirect laborRaw materials inventory (Click to select)Work in processDirect materialsAccounts payableRaw materials inventoryLabor rate varianceDirect laborMaterials quantity varianceLabor efficiency variance (Click to select)Direct laborDirect materialsWork in processRaw materials inventoryMaterials price varianceLabor rate varianceMaterials quantity varianceLabor efficiency variance c. The incurrence of direct labor cost. General journal Debit Credit (Click to select)Direct laborMaterials quantity varianceLabor efficiency varianceWork in processLabor rate varianceMaterials price varianceDirect materialsRaw materials inventory (Click to select)Labor efficiency varianceDirect materialsMaterials quantity varianceMaterials price varianceDirect laborRaw materials inventoryWork in processLabor rate variance (Click to select)Labor efficiency varianceAccrued wages payableAccounts payableDirect materialsMaterials price varianceMaterials quantity varianceLabor rate varianceWork in process (Click to select)Labor efficiency varianceMaterials price varianceAccounts payableMaterials quantity varianceLabor rate varianceDirect materialsWork in processAccrued wages payable The Lahn Company produces and sells a single product. Standards have been established for the product as follows:

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