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TechSolvers produces 8-foot USB cables. During the past year, the company purchased 498,600 feet of...

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Accounting

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TechSolvers produces 8-foot USB cables. During the past year, the company purchased 498,600 feet of plastic-coated wire on account at a price of $0.25 per foot. The direct materials standard for the cables allows 8.70 feet of wire at a standard price of $0.23. During the year, the company used a total of 564,600 feet of wire to produce 65,000 8-foot cables. (a) Prepare the journal entry to record the purchase of wire. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the purchase of wire) (b) Prepare the journal entry to record the use of wire. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the use of wire)

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