Oak Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards. Journalize the entry to record the standard direct materials used in production. Round your answers to 2 decimal places. If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9

Dr Work in Process $382,500.00

Cr Direct Materials Quantity Variance $15,937.50

Cr Materials $366,562.50

Explanation:

Preparation of the Journal tentry to record the standard direct materials used in production

Dr Work in Process $382,500.00

(8,500 × 6 × $7.50)

Cr Direct Materials Quantity Variance $15,937.50

[(48,875 – 51,000) × $7.50]

Cr Materials $366,562.50

(48,875 × $7.50)

(To record the standard direct materials used in production)

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answer; at prices that violate government price regulations;