Titus Company purchased and used 650 pounds of tomatoes (direct materials) to produce a taco sauce with a 635 pound standard direct materials requirement. The standard materials price is $22.40 per pound. The actual price of the tomatoes was $22.20 per pound. Prepare the journal entries to record (1) the purchase of the tomatoes and (2) the tomatoes entering production. Titus records standards and variances in the general ledger.

Question

Titus Company purchased and used 650 pounds of tomatoes (direct materials) to produce a taco sauce with a 635 pound standard direct materials requirement. The standard materials price is $22.40 per pound. The actual price of the tomatoes was $22.20 per pound. Prepare the journal entries to record (1) the purchase of the tomatoes and (2) the tomatoes entering production.  Titus records standards and variances in the general ledger.

Quizplus · Accepted Answer

The Answer of Titus Company purchased and used 650 pounds of tomatoes (direct materials) to produce a taco sauce with a 635 pound standard direct materials requirement. The standard materials price is $22.40 per pound. The actual price of the tomatoes was $22.20 per pound. Prepare the journal entries to record (1) the purchase of the tomatoes and (2) the tomatoes entering production.  Titus records standards and variances in the general ledger.

Titus Company Purchased and Used 650 Pounds of Tomatoes (Direct