$($c$2)$

Your answer is partially correct.

Record the journal entries for the purchase and use of DM under standard costing. $($Credit account titles are automatically indented

when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts.

List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

DM Inventory

$70350$

Accounts Payable

DM Price Variance

$($To record purchase of DM$)$

WIP Inventory

DM Efficiency Variance

DM Inventory

$($To record use of DM$)$

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used