| The Lahn Company produces and sells a single product. Standards have been established for the product as follows: |
| Direct materials: 5 pounds @ $3.50 per pound = $17.50 Don't use plagiarized sources. Get Your Custom Essay on prepare journal entries help please thank you 424158 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page |
| Direct labor: 3 hours @ $5.50 per hour = $16.50 |
| Actual cost and usage figures for the past month follow: Units Produced 750 Direct Materials Used 4,000 Direct Materials Purchased(4500 lbs) $14,400 lbs Direct Labor Cost(2,000 hrs) $11,200 Prepare journal entries to record: A)The purchase of raw materials.
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