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.
1. Prepare the journal entries to record the purchase of the materials. If an amount box does not require an entry, leave it blank. Materials 520 Direct Materials Price Variance 52 Accounts Payable 468
2. Prepare the journal entries to record the material entering production. If an amount box does not require an entry, leave it blank. Work in Process Direct Materials Quantity Variance
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Robin Company purchased on account and used 520 pounds of direct materials to produce a product with a 510-pound standard direct materials ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Based on the concept of service blueprinting, what is the "line of visibility?" select one: a. the architectural line drawn on the the blueprint, below which are notes not meant to be seen by the client. b.
Answers (1)
What is the difference between GDP and GDE
Answers (1)
At the beginning of the year, Yates Company had total assets of $550,000 and total liabilities of $200,000. Answer the following questions viewing each situation as being independent of the others.
Answers (1)
On November 1, Year 1, Thomasson paid rent on its building for 2 years in the amount of $12,000. When the transaction was initially recorded, the full $12,000 was recorded as an expense using an alternative approach to record the prepayment.
Answers (1)
Sage Hill, Inc. uses a perpetual inventory system. Its beginning inventory consists of 130 units that cost $210 each. During August, the company purchased 215 units at $210 each, returned 6 units for credit, and sold 245 units at $480 each.
Answers (1)
New Questions in Business
What two cpt codes describe a review of history, external examination, ophthalmoscopy, bio-microscopy for an acute complicated condition (e. g., iritis) not requiring comprehensive ophthalmological services?
Answers (1)
Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly.
Answers (1)
One might infer from a debit balance in allowance for doubtful accounts that
Answers (1)
Lee has not been showing up to work on time. which work ethic is he lacking
Answers (1)
Peterson Company estimates that overhead costs for the next year will be $3,400,000 for indirect labor and $850,000 for factory utilities. The company uses machine hours as its overhead allocation base.
Answers (1)