The Marx Cabinet Company uses a standard costing system and produced 2,200 cabinets during May. The standard cost of wood is $20 per linear foot, and the standard quantity for each cabinet is 26 linear feet. During May, the company purchased 53,500 linear feet of wood for $963,000, and 58,100 feet were used in production. The company purchases all materials on account.

Material Price Variance Material Quantity Variance SHOW LIST OF ACCOUNTS LINK TO TEXT Record the related journal entries for May. (Credit account titles are automatically indented when No. Account Titles and Explanation Debit Credit 1. To record material purchases) 2. (To record material used in production)