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Superior Company uses a standard cost system and reports the following information for 2018: (Click the icon to view the information.) Superior Company reported the following variances: (Click the icon to view the variances.) Superior produced 1,000 units of finished product in 2018. Read the requirements Begin by joumalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound joumal entry.) Date Accounts and Explanation Debit Credit Journalize the incurrance and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry.) Date Accounts and Explanation. Debit Journalize the entry to show the actual manufacturing overhead costs incurred. Date Accounts and Explanation Record the overhead allocated to Work-in-Process Inventory. Date Accounts and Explanation Credit Debit Credit Debit Credit Superior Company uses a standard cost system and reports the following information for 2018: (Click the icon to view the information.) Superior Company reported the following variances: (Click the icon to view the variances.) Superior produced 1,000 units of finished product in 2018. Read the requirements Date Accounts and Explanation Debit Credit Record the overhead allocated to Work-in-Process Inventory. Date Accounts and Explanation Debit Credit Journalize the movement of all production from Work-in-Process Inventory. Date Accounts and Explanation Record the entry to transfer the cost of sales at standard cost. Date Accounts and Explanation Debit Credit Debit Credit Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Superior Company uses a standard cost system and reports the following information for 2018: (Click the icon to view the information.) Superior Company reported the following variances: (Click the icon to view the variances.) Superior produced 1,000 units of finished product in 2018. Read the requirements Data table Standards: 3 yards of cloth per unit at $1.25 per yard 2 direct labor hours per unit at $11.25 per hour Overhead allocated at 56.00 per direct labor hour Actual: 2.800 yards of cloth were purchased at $1.30 per yard Employees worked 1,900 hours and were paid $10.75 per hour Actual variable overhead was $2,300 Actual fixed overhead was $7,800 Data table Print Done dit Requirements Record the journal entries to record direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries to record the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Adjust the Manufacturing Overhead account (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Direct materials cost variance $140 U Direct materials efficiency variance 250 F Direct labor cost variance 950 F Direct labor efficiency variance 1,125 F Variable overhead cost variance 800 U Variable overhead efficiency variance 800 F Fixed overhead cost variance 900 U Fixed overhead volume variance 2,800 F bit Print Done ngle compound journal entry.) Credit Print Done

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