TB MC Qu. 10B-71 (Static) Robnett Corporation manufactures... Robnett Corporation manufactures one product. in 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 manufocturing overheod. The standard cost card for the company's only product is as follows: During the year, the company completed the following transactions: a. Purchased 106,900 liters of raw moteriat at a price of $6,80 per itier: b. Used 93,760 iners of the raw mateial to produce 24,700 units of work in process. Assume thet ali 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 fiss on one page. The beginning balances in each of the accounts have been given. PpgE inet) stands for Property, Plant, and Equipment net of depreciation. b. When the purchase of raw mateisis is recorded in tronsaction (0) above, which of the following entries will be made? entories. The company uses a standard cost system in which card for the company's only product is as follows: ur text except that it has been divided into two parts so that it y, Plant, and Equipment net of depreciation. 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 Varlance column ($32,070) in the Materials Quantity Variance column $32,070 in the Materials Quantity Variance column ($32,070) in the Materials Price Variance column