1. If 10,000 pounds of direct materials are purchased for $7,200 on account and the standard cost is $.70 per pound, the journal entry to record the purchase is

A.

Raw Materials Inventory

7,200

Accounts Payable

7,200

B.

Raw Materials Inventory

7,200

	Accounts Payable		7,000
	Materials Quantity Variance		200

C.

Raw Materials Inventory

7,200

	Accounts Payable		7,000
	Materials Price Variance		200

D.

Raw Materials Inventory		7,000
Materials Price Variance		200

Accounts Payable

7,200