Standard Cost Sheet, Product XV-1 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Direct materials: Aluminum PVC Quantity Cost Rate Subtotal Total 4 pounds $25 per pound $ 100 1 pound 40 per pound 40 Direct labor 5 hours 40 per hour 200 Variable factory overhead 5 hours 12 per hour 60 Total variable manufacturing cost $ 400 Fixed factory overhead" 5 hours 24 per hour 120 120 Standard manufacturing cost per unit $520 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost $120,000. $50 Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the purchase of PVC. Note: Enter debits before credits. Date Oct 07 General Journal Debit Credit Record entry Clear entry View general journal Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41.00 per pound. On October 9, Schmidt's production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < Record the usage of PVC. Note: Enter debits before credits. Date Oct 09 General Journal Debit Credit Record entry Clear entry View general journal