Robin Company records standard costs and variances in its accounts. Robin Company purchased and used 500 pounds of direct materials to produce a product with a 520 pounds standard direct materials requirement. The standard materials price is $1.90 per pound. The actua materials price was $2.00 per pound. a. Prepare the journal entry to record the purchase of the materials on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Prepare the journal entry to record the materials used in production on December 31 . Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered