A manufacturer, using a standard cost system, purchased 250 units of direct materials at a cost of $2 per unit
The standard cost per unit of direct materials is $1.85. Prepare the journal entry to record the direct materials cost variance at the time of purchase.
What will be an ideal response
Raw Materials Inventory (250 units x $1.85/unit) 462.50
Direct Materials Cost Variance 37.50
Accounts Payable (250 units x $2/unit) 500.00
Business
You might also like to view...
When the dependent variable is binary, the logit model can also be used instead of two-group discriminant analysis
Indicate whether the statement is true or false
Business
Which mode of transportation is the dominant form of freight transportation?
A) Air B) Truck C) Rail D) Water c
Business