Question: Managers at John's company learn that the purchasing department got a bulk shipment of a key raw material for $ 7 1 0 0 ,

Managers at John\'s company learn that the purchasing department got a bulk shipment of a key raw material for $7100, a $500 savings from their plan. Production department had used nearly all the material that had been purchsed, noting a $1000 higher cost of material used than its flexible budget DM cost of $7200.
Record journal entry for purchase of DM using standard costing, and usage of DM using standard costing.

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