9. Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the production during the current month. The standard price for these raw materials is $5.2 per unit. How much is the materials price variance for the current month if Company S analyzes the variance at the point of purchase? $200 favorable O $200 unfavorable $700 favorable $700 unfavorable 10. T Corporation is authorized to issue 500,000 common stock at $10 par value. As of December 31, 2019 the corporation has 350,000 common stock issued and outstanding. On February 14, 202o, the market price of the stock is $17. On the same date, T Corporation acquired 50,000 stocks at $15. On March 5, 2020, the company reissued 25% of the treasury stocks at $20. Which of the following will be included in the entry to record the transaction on March 5, 202O? Debit Treasury Shares $187,500 Debit Common Stock $250,000 Credit Additional Paid-in Capital $62,500 Credit Cash $250,000
9. Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the production during the current month. The standard price for these raw materials is $5.2 per unit. How much is the materials price variance for the current month if Company S analyzes the variance at the point of purchase? $200 favorable O $200 unfavorable $700 favorable $700 unfavorable 10. T Corporation is authorized to issue 500,000 common stock at $10 par value. As of December 31, 2019 the corporation has 350,000 common stock issued and outstanding. On February 14, 202o, the market price of the stock is $17. On the same date, T Corporation acquired 50,000 stocks at $15. On March 5, 2020, the company reissued 25% of the treasury stocks at $20. Which of the following will be included in the entry to record the transaction on March 5, 202O? Debit Treasury Shares $187,500 Debit Common Stock $250,000 Credit Additional Paid-in Capital $62,500 Credit Cash $250,000
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 4PA: April Industries employs a standard costing system in the manufacturing of its sole product, a park...
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