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Howard. Inc, developed the following standards for 2019: Howard, Inc. Standard Cost Card Standard Cost Element Standard Price Quantity Direct materials 5 pounds $ 5 Direct labor 1 hour $ 18 Manufacturing overhead 1 hour $ 10 Standard Cost $25 18 10 $53 The company planned to produce 120.000 units of product and work at the 120,000 direct labor level of activity in 2019. The company uses a standard cost accounting system which records standard costs in the accounts and recognizes variances in the accounts at the earliest opportunity. During 2019, 116,000 actual units of product were produced, Prepare the journal entries to record the following transactions for Howard, Inc. during 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) (a) (b) (c) (d) e) () Purchased 588.000 pounds of raw materials for $4.90 per pound on account. Actual direct labor payroll amounted to $2,108,000 for 114,000 actual direct labor hours worked. Factory labor costis to be recorded and distributed to production Direct materials issued for production amounted to 588,000 pounds which actually cost $4.90 per pound Actual manufacturing overhead costs incurred were $1.152,000 in 2019 Manufacturing overhead was applied when the 116,000 units were completed, Transferred the 116,000 completed units to finished goods

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