Robnett Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Inputs Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit Standard Quantity or Hours 3.8 liters 0.60 hours 0.60 hours Standard Price or Standard Rate Cost $ 6.50 per liter $24.70 $18.00 per hour 10.80 $18.50 per hour 11.10 $46.60 During the year, the company completed the following transactions: a. Purchased 106,900 liters of raw material at a price of $6.80 per liter. b. Used 93.760 liters of the raw material to produce 24.700 units of work in pro Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property. Plant, and Equipment net of depreciation. Raw Work in Cash Materials Process $1,110,000 $54,340 $0 Finished Goods $60,580 PP&E (net) = $616,800 = Materials Materials Price Quantity Variance Variance $0 $0 Labor Labor Rate Efficiency FOH Budget FOH Volume Retained Variance Variance Variance Variance Earnings $0 $0 $0 $0 $1,841,720 1/1 b. When the purchase of raw materials is recorded in transaction (a) above, which of the following entries will be made? Multiple Choice $32.070 in the Materials Price Variance column O ($32,070) in the Materials Quantity Varlance column 0 $32.070 in the Materials Quantity Varlance column