Robin Company purchased 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
(2) the material entering production.

Question

Robin Company purchased 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 
(2) the material entering production.

Quizplus · Accepted Answer

The Answer of Robin Company purchased 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 
(2) the material entering production.

Robin Company Purchased and Used 520 Pounds of Direct Materials