Schuyler Company's standard cost per unit of component part G-34 is $8. During the month, jj,000.units of G-34 were purchased on account at a total cost of $96,960. In addition, there were 2,000 units in beginning materials inventory. Of the 14,000 units of G-34 available, 13,000 units were used during the month; however, the standard quantity allowed for actual production is 12,800 units.
Required:
(1) Assuming the materials price variance is recorded at the date the materials are purchased, prepare general journal entries to record the purchase of component part G-34 and the issue of component part G-34 to production.
(2) Assume materials are inventoried at actual cost, the average cost method is used for materials inventory, the beginning inventory of G-34 contained 2,000 units at a total cost of $15,880, and the materials price variance is recorded when materials are issued. Prepare general journal entries to record the purchase and subsequent issue of G-34.
(3) Assume the same facts as for requirement 2 except the company uses the fifo method for materials inventory. Prepare the general journal entry to record the issue of component part G-34 to production.
(4) Assume the same facts as for requirement 2 except the company uses the lifo method for materials inventory. Prepare the general journal entry to record the issue of G-34 to production.