Robin company purchased on account and used 520 pounds of direct materials to produce a product with a 510-pound standard direct materials requirement. the standard materials price is $2.10 per pound. the actual materials price was $2.00 per pound.

1. prepare the journal entries to record the purchase of the materials. if an amount box does not require an entry, leave it blank. materials 520 direct materials price variance 52 accounts payable 468

2. prepare the journal entries to record the material entering production. if an amount box does not require an entry, leave it blank. work in process direct materials quantity variance

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

Read the following scenario and answer the question in 5-10 sentences. you are the owner of a small business that is a defendant in a lawsuit in federal court. you received bad news from your lawyer that the judge did not allow certain documents to be admitted as evidence in court and that the jury reached a $50,000 verdict in favor of the plaintiff. your lawyer tells you that it is within your legal right to hire him to file an appeal with the united states court of appeals. if the appellate court rules in your favor, you may be able to avoid paying part or all of the $50,000. evaluate your lawyer’s suggestion about appealing the decision.

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a