If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is upport 9,300 O Raw Materials Inventory 9,300 Accounts Payable 9,300 O Raw Materials Inventory 9,000 Accounts Payable 300 Materials Price Variance 9,000 O Raw Materials Inventory 300 Materials Price Variance 9,300 Accounts Payable 9,300 O Work In Process Inventory 9,000 Accounts Payable 300 Materials Quantity Variance rch hp 12 ins prt s f4 f5 f6 f11 f9 144 f8 f10 6 %3D Y. 60 00 TO
If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is upport 9,300 O Raw Materials Inventory 9,300 Accounts Payable 9,300 O Raw Materials Inventory 9,000 Accounts Payable 300 Materials Price Variance 9,000 O Raw Materials Inventory 300 Materials Price Variance 9,300 Accounts Payable 9,300 O Work In Process Inventory 9,000 Accounts Payable 300 Materials Quantity Variance rch hp 12 ins prt s f4 f5 f6 f11 f9 144 f8 f10 6 %3D Y. 60 00 TO
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 9EB: Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured...
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