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Following are the journal entries for the events:
Materials 90,000
Materials Purchase Price Variance 2400
Accounts payable 87,600
Work in progress 78,000
Materials 77,000
Materials quantity variance 1,000
Work in progress 143,750
Labor rate variance 750
Materials 144,000
Materials quantity variance 500
Factory Overhead Control 256,000
Various Credits 256,000
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