Robin Company Records Standard Costs and Variances in Its Accounts

Essay

Robin Company records standard costs and variances in its accounts. Robin Company purchased and used 500 pounds of direct materials to produce a product with a 520-pound standard direct materials requirement. The standard materials price is $1.90 per pound. The actual materials price was $2.00 per pound.​
Journalize the entries to record (a) the purchase of the materials and (b) the materials used in production.