Robin Company purchased on account and used 500 pounds of direct materials to produce a product with a 520 pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound. Required: (1) Prepare the journal entries to record the purchase of the materials. (2) Prepare the journal entries to record the material entering production. "Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Robin Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 130 Materials 133 Work in Process 136 Factory Overhead 138 Finished Goods 141 Supplies 142 Prepaid Insurance 181 Land 190 Office Equipment 191 Accumulated Depreciation Office Equipment 192 Machinery 193 Accumulated Depreciation Machinery 194 Factory 195 Accumulated Depreciation-Factory 520 Direct Materials Quantity Variance 521 Direct Materials Price Variance 522 Direct Labor Time Variance 523 Direct Labor Rate Variance 530 Wages Expense 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 560 Depreciation Expense-Office Equipment 561 Depreciation Expense-Machinery 562 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable Chart of Accounts 133 Work in Process 136 Factory Overhead 520 Direct Materials Quantity Variance 521 Direct Materials Price Variance 522 Direct Labor Time Variance 138 Finished Goods 141 Supplies 523 Direct Labor Rate Variance 142 Prepaid Insurance 181 Land 530 Wages Expense 532 Insurance Expense 533 Utilities Expense 190 Office Equipment 191 Accumulated Depreciation Office Equipment 192 Machinery 193 Accumulated Depreciation Machinery 194 Factory 195 Accumulated Depreciation-Factory 534 Supplies Expense 560 Depreciation Expense-Office Equipment 561 Depreciation Expense-Machinery 562 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Prepare the journal entries to record the purchase of the materials on December 31. Refer to the Chart of Accounts for exact wording of account Bitles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REK DEBIT CREDIT 1 Materials Prepare the Journal entries to record the material entering production on December 31. Refer to the Chart of Accounts for exact wording of account witles. PAGE 1 JOURNAL DATE DESCRIPTION POST RER DEBIT CREDIT