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)Accounts payableMaterials quantity varianceMaterials price varianceDirect materialsDirect laborLabor rate varianceRaw materials inventoryLabor efficiency variance (Click to select)Raw materials inventoryMaterials price varianceLabor rate varianceMaterials quantity varianceLabor efficiency varianceDirect laborAccounts payableDirect materials (Click to select)Labor efficiency varianceDirect laborLabor rate varianceDirect materialsMaterials quantity varianceRaw materials inventoryMaterials price varianceAccounts payable b. The usage of raw materials in production. General journal Debit Credit (Click to select)Raw materials inventoryMaterials quantity varianceLabor rate varianceLabor efficiency varianceWork in processDirect materialsDirect laborAccounts payable (Click to select)Accounts payableRaw materials inventoryMaterials quantity varianceDirect materialsWork in processDirect laborLabor rate varianceLabor efficiency variance (Click to select)Labor efficiency varianceDirect laborMaterials quantity varianceMaterials price varianceRaw materials inventoryLabor rate varianceWork in processDirect materials c. The incurrence of direct labor cost. General journal Debit Credit (Click to select)Labor efficiency varianceMaterials price varianceRaw materials inventoryMaterials quantity varianceWork in processLabor rate varianceDirect materialsDirect labor (Click to select)Labor rate varianceLabor efficiency varianceMaterials price varianceDirect laborRaw materials inventoryMaterials quantity varianceDirect materialsWork in process (Click to select)Accounts payableMaterials quantity varianceDirect materialsAccrued wages payableMaterials price varianceLabor efficiency varianceLabor rate varianceWork in process (Click to select)Materials quantity varianceDirect materialsWork in processMaterials price varianceLabor efficiency varianceAccrued wages payableLabor rate varianceAccounts payable The Lahn Company produces and sells a single product. Standards have been established for the product as follows:

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