Menu QUESTION 4 points out of 1,00 Flag quesion Prtaly coret 0 62 Variances and Journal Entries Kent Company manufactures a single product and uses a standard costing system. The nature of its product dictates that it be sold in the period it is produced Thus, no ending work in process or finished goods inventories remain at the end of the period. However, raw materials can be stored and are in bulk when prices are favorable. Per-unit, standard product costs are material, $6 (0.5 pound) labor, $15 (1.5 hours), and variable overhead, $3 (based on direct labor hours) Budgeted fixed overhead $96,000. Kent Company accounts for all inventories and cost of goods sold at standard cost and records a separate account The following data relate to June, 2016 when 7,800 finished units were produced a. Assume Kent purchased 4,500 pounds of raw materials on account at $11.,60 per pound and used 4,200 pounds in June's production, prepare a journal entry to record the purchase of raw materials and a separate journal entry to record the use of raw materials in production. Record these entries using standard costs and include the appropriate materials variances General Journal Debit Credit Materials inventory Materials price variance Accounts payable To record the purchase of direct materials Work in process inventory Materials efficiency variance Materials inventory To record the use of direct materials