Robin Company purchased and used 520 pounds of direct materials to produce a product with a 510
Question:
Robin Company purchased and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard materials price is $2.10 per pound. The actual materials price was $2.00 per pound.
Robin records standards and variances in the general ledger.
1. Prepare the journal entries to record the purchase of the materials. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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2. Prepare the journal entries to record the material entering production. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac