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A company records inventory purchases at standard cost and also records purchase price variances. Required: Prepare the journal entry for a purchase of 6,000 widgets

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A company records inventory purchases at standard cost and also records purchase price variances. Required: Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15. Refer to the Chart of Accounts for exact wording of account titles Prepare the journal entry on December 31. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT

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