Reference: 21_08 Fairfield Co. Has Collected the Following Information About Its Production

Reference: 21_08
Fairfield Co. has collected the following information about its production activities for the current year:
Actual costs and quantities:
Direct materials used 95,000 lbs. @ $6.30 per lb.
Units completed during the year, 50,000 units
Standard costs and quantities:
Price per lb. of direct material, $6.05
Two lbs. of direct material per unit
-Prepare the journal entry to record the direct materials purchases and the issuance of direct materials into production.