Using standard costing, which T-account entry should a company make to record the purchase on account of 710 pounds of direct materials at $8 per pound? The standard cost per pound is $7. Materials inventory Materials inventory Materials inventory Materials inventory 5,680 5,680 5,680 4,970 Accounts payable Accounts payable 5,680 Accounts payable 4,970 Accounts payable 5,680 710 Price variance Price variance Price variance Price variance 4,970 710 710