P8-2: Prepare journal entires for materials variances

Prepare Journal entries for:

A) For the purchases of Materials

B) For the issuance of materials to production

If you could do this in excel (or something similar) I would appreciate it. It just makes it easier to follow.

P8-2: Prepare journal entries for materials variances During December, a department completed 2,500 units of a product that has a standard materials usage and cost of 1.2 square feet per unit at $0.48 per square foot. The actual material used consisted of 3,050 square feet at an actual cost of $2,664.48. The actual purchase of this material amounted to 4,500 square feet at a total cost of $3,931.20. Prepare journal entries: A) For the purchases of the Materials B) For the Issuance of Materials to production