Titus Company Purchased and Used 650 Pounds of Tomatoes (Direct

Essay

Titus Company purchased and used 650 pounds of tomatoes (direct materials) to produce a taco sauce with a 635 pound standard direct materials requirement. The standard materials price is $22.40 per pound. The actual price of the tomatoes was $22.20 per pound.Journalize the entries to record (a) the purchase of the tomatoes and (b) the tomatoes used in production. Titus records standard costs and variances in its accounts.