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+ Assuming that the Vermont Wood Desk Co. purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials
+ Assuming that the Vermont Wood Desk Co. purchases 8,000 feet of lumber at $6.00 per foot and the standard price for direct materials is $7.00, the entry to record the purchase and favorable direct materials price variance is: Materials: 40,000 Direct Materials Price Variance 8,000 Accounts Payable Materials Direct Materials Price Variance Accounts Payable Work in Process Direct Materials Price Variance Accounts Payable 48,000 8,000 56,000 48,000 56,000 8,000 48,000
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