CHART OF ACCOUNTSRobin CompanyGeneral Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
130	Materials
133	Work in Process
136	Factory Overhead
138	Finished Goods
141	Supplies
142	Prepaid Insurance
181	Land
190	Office Equipment
191	Accumulated Depreciation-Office Equipment
192	Machinery
193	Accumulated Depreciation-Machinery
194	Factory
195	Accumulated Depreciation-Factory

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
251	Wages Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Direct Materials Quantity Variance
521	Direct Materials Price Variance
522	Direct Labor Time Variance
523	Direct Labor Rate Variance
530	Wages Expense
532	Insurance Expense
533	Utilities Expense
534	Supplies Expense
560	Depreciation Expense-Office Equipment
561	Depreciation Expense-Machinery
562	Depreciation Expense-Factory
590	Miscellaneous Expense
710	Interest Expense

Instructions Robin Company purchased on account and used 520 pounds of direct materials to produce a product with a 510 pound standard direct materials requirement. The standard materials price is $2.10 per pound. The actual materials price was $2.00 per pound. Required: (1) Prepare the jourmal entries to record the purchase of the materials." (2) Prepare the journal ontries to record the material entering production. Refer to the Chart of Accounts for exact wording of account titles