Cost Accounting E8-11 Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: 21,000 Units produced during the month .... 41,000 Direct labor hours for the month ...... Materials purchased (in pounds) ....... 130,000 Materials used (in pounds). ........ 125,000 Labor rate per hour . . . . . . . . . . . . $10.04 Materials cost per pound ............ $1.98 Make journal entries to charge materials (use the materiais pur- chase price variance) and labor to Work in Process. (Repwmber to retrieve the standard costs from E8-10 before solving this exercise.) Cost Accounting E8-11 Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: 21,000 Units produced during the month .... 41,000 Direct labor hours for the month ...... Materials purchased (in pounds) ....... 130,000 Materials used (in pounds). ........ 125,000 Labor rate per hour . . . . . . . . . . . . $10.04 Materials cost per pound ............ $1.98 Make journal entries to charge materials (use the materiais pur- chase price variance) and labor to Work in Process. (Repwmber to retrieve the standard costs from E8-10 before solving this exercise.)