In a standard cost bookkeeping system, when the actual material price exceeds the standard price, the double entry to record the difference in price is: A Debit the material price variance account and credit the raw material control account B. Credit the material price variance account and debit the raw material control account C. Debit the material price variance account and credit the work-in-progress account D. Credit the material price variance account and debit the work-in-progress account

In a standard cost bookkeeping system, when the actual material price exceeds the standard price, the double entry to record the difference in price is: A Debit the material price variance account and credit the raw material control account B. Credit the material price variance account and debit the raw material control account C. Debit the material price variance account and credit the work-in-progress account D. Credit the material price variance account and debit the work-in-progress account

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Description: In a standard cost bookkeeping system, when the actual material price exceeds the standard price, thedouble entry to record the difference in price is:A Debit the material price variance account and credit the raw material control accountB. Credit t

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6EA: Use the information provided to answer the questions. All material purchased was used in production....

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