Journal Entries Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purc...

Journal Entries Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at $41 per pound. On October 9, Schmidt’s production department used 720 pounds of PVC for the 780 units of XV-1 it manufactured.

Required Make the necessary journal entries to record the purchase and usage of PVC during October.

EXHIBIT 14.5 Standard Cost Sheet, Product XV-1