Musselmann Inc. uses a standard costing system. The standard for one of its products, Fastener #109, is 2 units of component part F-25 at a cost of 42 cents per unit. During September, 8,200 units of Fastener #109 were manufactured. During September, 20,000 units of component part F-25 were purchased on account for a total cost of $8,800, and 16,500 units were used in production.
Required:
Prepare journal entries for the purchase and issue of component part F-25 using the three methods for recording materials.