Using standard costing, which T-account entry should the company make to record the purchase on account of 710 pounds of direct materials at $6 per pound? The standard cost per pound is $7. Materials inventory Materials inventory 4,970 Materials inventory 4,260 Materials inventory 4,260 4,970 Accounts payable Accounts payable Accounts payable Accounts payable 4,260 4,260 Price variance Price variance Price variance Price variance 4,260 710 710