Robin Company records standard costs and variances in its accounts. Robin purchased and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard price is $2.10 per pound. The actual materials price was $2.00 per pound.
Journalize the entries to record (a) the purchase of the materials and (b) the materials used in production.

Question

Robin Company records standard costs and variances in its accounts. Robin purchased and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard price is $2.10 per pound. The actual materials price was $2.00 per pound.​
Journalize the entries to record (a) the purchase of the materials and (b) the materials used in production.

Quizplus · Accepted Answer

The Answer of Robin Company records standard costs and variances in its accounts. Robin purchased and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard price is $2.10 per pound. The actual materials price was $2.00 per pound.​
Journalize the entries to record (a) the purchase of the materials and (b) the materials used in production.

Robin Company Records Standard Costs and Variances in Its Accounts