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.
1. Prepare the journal entries to record the purchase of the materials. If an amount box does not require an entry, leave it blank. Materials 520 Direct Materials Price Variance 52 Accounts Payable 468
2. Prepare the journal entries to record the material entering production. If an amount box does not require an entry, leave it blank. Work in Process Direct Materials Quantity Variance
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