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Prepare journal entries to record the purchase of materials

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Question - Robin Company purchased and used 520 pounds of direct materials to produce a product with a 500 pound standard direct materials requirement. The standard materials price is $2.10 per pound. The actual materials price was $2.00 per pound.

Robin records standards and variances in the general ledger.

a. Prepare the journal entries to record the purchase of the materials.

b. Prepare the journal entries to record the material entering production.

Reference no: EM132088483

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