Robin Company purchased on account and used 520 pounds of direct materials to pr

Question

Robin Company purchased on account 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. Required: (1) Prepare the journal entries to record the purchase of the materials.* (2) Prepare the journal entries to record the material entering production.* *Refer to the Chart of Accounts for exact wording of account titles.Prepare the journal entries to record the purchase of the materials on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3

Explanation / Answer

JOURNAL ENTRIES:

1) Dr. Materials (520 * $2.10) $1,092

Dr. Direct Materials Price Variance $52

Cr. Accounts Payable (520 * $2.00) $1,040

2) Dr. Work in Process (510 * $2.10) $1,071

Dr. Direct Materials Quantity Variance $21

Dr. Materials $1,092

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.