The following information comes from the flexible budget performance report of Jackal Corp.for the current period.Prepare the journal entries to charge direct materials and direct labor costs to work in process and the materials and labor variances to their proper accounts. 
Definitions:
Lender
An individual or institution that provides funds to another with the expectation that the funds will be repaid, typically with interest.
Equal Payments
Regular payments that are the same in amount over a period of time, typically referring to loans or mortgages.
Interest Annually
Interest that is calculated and paid once every year on a loan or investment.
Interest Annually
Refers to the interest that is calculated and added to an account once per year.
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