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Hayesville Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Hayesville Company reported the following variances: (Click the icon to view the variances.) Hayesvilleproduced 1,000units of finished product in 2024. Read the Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Data table Standards: 3 yards of cloth per unit at $1.25 per yard 2 direct labor hours per unit at $12.50 per hour Overhead allocated at $3.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.30 per yard Employees worked 1,600 hours and were paid $12.00 per hour Actual variable overhead was $2,300 Actual fixed overhead was $2,200 Requirements Record the journal entries for 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 for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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