Kendrick Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order. 
Instructions
Analyze the foregoing transactions using the following tabular arrangement. Insert the number of each transaction in the Item space and insert the amounts in the appropriate columns. 
Definitions:
Price Standard
A predetermined cost that serves as a benchmark for evaluating the actual cost of goods sold or production costs.
Pounds
A unit of mass or weight commonly used in the British imperial and United States customary systems.
Materials Price Variance
The difference between the actual cost and the standard cost of materials used in production, multiplied by the quantity of materials used.
Standard Price
A pre-determined cost assigned to goods and services, used as a benchmark in budgeting and variance analysis.
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