Venneman Compary produced 14,000 units that require 3.5 standacd pounds per unt at 55.10 standard price per pound. The company actually used 48,500 pounds in production Riequired: Joumalze the May 31 entry to record the standard direct maferials used in production Relns to the chart of accounits for the exact wording of the account thiles. CNOW pumats do not use fines for jowmal explariafions. Every tine an a joumal page is used for debit ar credit entries. CNOW poumals will automationlly indent a credit entry when a credt amount is enfered Chart of Accounts Ve CHART OF ACCOUNTS Venneman Company General Ledger ASSETS REVENUE 110 Cash 410 Sales: 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 130 Materials 510 Cost of Goods Sold 133 Work in Process 520 Drect Matenals Quantity Variance 136 Factory Overhead 521 Drect Matenals Price Variance 138 Finished Goods 522 Direct Labor Time Variance: 141 Supplies 523 Direct Labor Rate Variance. 142. Prepaid Insurance 530 Wages Expense 143 Prepaid Expenses 531 Selling Expense Chart of Accounts Ve 143 Prepaid Expenses 531 Selling Expense 181 Land 532 Insurance Expense 190 Otfice Equipment 533 Utilities Expense 191 Accumulated Depreciation-Office Equiprnent 534 Office Supplies Expense 192 Machinery 540 Administrative Expense 193 Accumulated Depreciation-Machinery 560 Depreciation Expense-Office Equipment 194 Factory 561 Depreciation Expense-Machinery 195 Accumulated Depreciation.Factory 562 Depreciation Expense-Factory 590 Miscellaneous Expense LIABILITIES 710 interest Expense 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable Journalize the May 31 entry to record the standard dved matertals used in production. Refer to the chart of accounts for the exact wording of the accounf talies crvow journals do not use ines