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This company records inventory purchases at standard cost and also records purchase price variances. Prepare...

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Accounting

This company records inventory purchases at standard cost and also records purchase price variances.

Prepare the journal entry for a purchase of widgets that were bought at $7.45 per unit and have a standard cost of $7.15. The total amount owed to the vendor for this purchase is $33,525. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

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