Standard CostingJournal Entries: Elgin Company purchased 26,000 units of material A at a price of $1.25 per
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Standard CostingJournal Entries: Elgin Company purchased 26,000 units of material A at a price of $1.25 per pound. The standard price of material A is $1.40 per pound. During the month, 14,000 units of material A were used, which was 2.500 pounds more than the standard allowed.
Required: Prepare journal entries to record these transactions.
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