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.Prepare the journal entries to record
(1) the purchase of the materials and
(2) the material entering production.

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.​Prepare the journal entries to record 
(1) the purchase of the materials and 
(2) the material entering production.

Quizplus · Accepted Answer

The Answer of 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.​Prepare the journal entries to record 
(1) the purchase of the materials and 
(2) the material entering production.

Robin Company Purchased on Account and Used 520 Pounds of Direct