A company uses a standard costing system and with its journal entries isolates any direct materials price variance at the time the materials are purchased and isolates any direct materials efficiency variance at the time the direct materials are used by increasing the Work in Process Control account. For a particular production run, the company purchases $650,000 of direct materials on credit while the standard cost of that purchase is $700,000. Because of some improvements in the manufacturing process, the flexible budget amount for materials requisitioned for the production run was only $680,000. Required: Record the journal entry for the purchase and the requisition of the materials onto the production floor, assuming standard costing is used