Tulip Incorporated uses standard costing, and its manufacturing standards are as follows: 6 pounds of materials at $15.0 per pound, and 7 hours of labor at $14 per hour. Budgeted production last period was 5,400 units, and actual production was 5,200 units. Last period, Tulip purchased and used 10,200 pounds of materials for $155,000, and used 15,400 labor hours, costing $149,000. What is the journal entry to record the purchase of materials?

Multiple Choice

Direct Materials Inventory	153,000
Direct Materials Price Variance	2,000
Accounts Payable		155,000

Direct Materials Inventory	155,000
Direct Materials Price Variance		2,000
Accounts Payable		153,000

Direct Materials Inventory	155,000
Accounts Payable		155,000

Direct Materials Inventory	153,000
Accounts Payable		153,000