1)

Robin Company records standard costs and variances in its accounts. Robin Company purchased and used 500 pounds of direct materials to produce a product with a 520-pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound.

a. Journalize the entry to record the purchase of the materials. If an amount box does not require an entry, leave it blank.

	Account	Debit	Credit
	Materials	Materials	Materials
	Direct Materials Price Variance	Direct Materials Price Variance	Direct Materials Price Variance
	Accounts Payable	Accounts Payable	Accounts Payable

b. Journalize the entry to record the materials used in production. If an amount box does not require an entry, leave it blank.

	Account	Debit	Credit
	work in process
	direct materials quantity variance
	materials