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Neuhaus Corporation manufactures one product It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturin overhead. The standard cost card for the company's only product is as follows Standard Quantity or Hours Standard Price Standard Inputs or Rate 7.50 per gallon Cost 12.75 15.05 4.20 32.00 Direct materials Direct labor 1.7 gallons 2 0.70 hours Fixed manufacturing overhead 0.70 hours $21.50 per hour 6.00 per hour Total standard cost per unit During the year, the company completed the following transactions: a. Purchased 52,900 gallons of raw material at a price of $760 per gallon b. Used 46.820 gallons of the raw material to produce 27600 units of work in process When the purchase of raw materials is recorded in transaction (o) above, which of the following entries will be made? e Choice $5,290 dr. in the Materials Quantity Varlance account $5,290 cr. In the Materals Quantity Variance account 1- $5,290 dr. in the Materials Price Variance account $5,290 cr, In the Materials Price Varnance account Prev or 10Next >