Ramona Company has the following labor-related data:
Standard labor hours for output: 15,000 hours
Standard labor rate: $10 per hour
Actual labor rate: $8 per hour
Actual labor hours: 17,500 hours
Given this data, which one of the following would be included in the single journal entry needed to record Wages Payable and the labor variances?
a. credit Labor Efficiency Variance for $25,000
b. debit Labor Rate Variance for $35,000
c. credit Wages Payable for $175,000
d. debit Work-In-Process Inventory for $140,000
e. credit Labor Rate Variance for $10,000
f. credit Labor Rate Variance for $35,000
g. credit Labor Efficiency Variance for $10,000