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Exercise 14-37 (Algo) Journal Entries (LO 14-5] Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 722 pounds of PVC at $43 per pound. On October 9, Schmidt's production department used 722 pounds of PVC for the 782 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of PVC. Note: Enter debits before credits. Date General Journal Debit Credit Oct 07 Record entry Clear entry View general journal Exercise 14-37 (Algo) Journal Entries [LO 14-5) Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 722 pounds of PVC at $43 per pound. On October 9, Schmidt's production department used 722 pounds of PVC for the 782 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the usage of PVC. Note: Enter debits before credits. Date General Journal Debit Credit Oct 09 Standard Cost Sheet, Product XV-1 Subtotal Total $ 100 40 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Direct materials: Aluminum 4 pounds $ 25 per pound PVC 1 pound 40 per pound Direct labor 5 hours 40 per hour Variable factory overhead 5 hours 12 per hour Total variable manufacturing cost Fixed factory overhead* 5 hours 24 per hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit 200 60 $ 400 120 120 $ 520 $ 50 *Budgeted fixed factory overhead cost = $120,000

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