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A company uses a standard costing system, and the standard cost of materials is $5 per pound. The company buys 1,000 pounds of materials at
- A company uses a standard costing system, and the standard cost of materials is $5 per pound. The company buys 1,000 pounds of materials at $5.15 per pound on account.
- Record the purchase of the materials:
b The assembly department in the companys process costing system requisitions 700 pounds of materials. Record the journal entry
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