Journal Entries in a Standard Cost System Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output,...

Journal Entries in a Standard Cost System Boron Chemical Company produces a synthetic resin that is used in the automotive industry. The company uses a standard cost system. For each gallon of output, the following direct manufacturing costs are anticipated:

Required Prepare journal entries for the following events and transactions. (Round all amounts to nearest whole dollar.) 1. Purchase, on credit, of direct materials. 2. Direct materials issued to production. 3. Direct labor cost of units completed this period. 4. Direct manufacturing cost (direct labor plus direct materials) of units completed and transferred to Finished Goods Inventory. 5. Sale (on credit), for $150.00 per gallon, of 2,000 gallons of output. (Hint: You will need two journal entries here.)