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)Direct materialsMaterials quantity varianceAccounts payableLabor efficiency varianceDirect laborRaw materials inventoryMaterials price varianceLabor rate variance (Click to select)Direct materialsMaterials price varianceLabor efficiency varianceRaw materials inventoryAccounts payableDirect laborMaterials quantity varianceLabor rate variance (Click to select)Labor efficiency varianceLabor rate varianceMaterials price varianceRaw materials inventoryDirect materialsDirect laborAccounts payableMaterials quantity variance b. The usage of raw materials in production. General journal Debit Credit (Click to select)Direct laborRaw materials inventoryWork in processLabor rate varianceLabor efficiency varianceDirect materialsAccounts payableMaterials quantity variance (Click to select)Materials quantity varianceRaw materials inventoryDirect materialsWork in processLabor rate varianceDirect laborLabor efficiency varianceAccounts payable (Click to select)Materials price varianceWork in processRaw materials inventoryMaterials quantity varianceDirect materialsLabor rate varianceDirect laborLabor efficiency variance c. The incurrence of direct labor cost. General journal Debit Credit (Click to select)Materials quantity varianceLabor efficiency varianceLabor rate varianceWork in processDirect laborMaterials price varianceDirect materialsRaw materials inventory (Click to select)Materials price varianceWork in processRaw materials inventoryDirect materialsDirect laborLabor rate varianceMaterials quantity varianceLabor efficiency variance (Click to select)Labor rate varianceLabor efficiency varianceMaterials price varianceAccounts payableWork in processAccrued wages payableMaterials quantity varianceDirect materials (Click to select)Labor efficiency varianceAccounts payableMaterials price varianceWork in processDirect materialsAccrued wages payableLabor rate varianceMaterials quantity variance The Lahn Company produces and sells a single product. Standards have been established for the product as follows:

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