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55. When the actual price paid on credit for a raw material is less than its standard price, the journal entry would include: Credit Credit Credit Debit A. Raw Materials Materials Price Variance Materials Price Variance B. A/P C. Raw Materials D. A/P Materials Price Variance Materials Price Variance

55. When the actual price paid on credit for a raw material is less than its standard price, the journal entry would include: Credit Credit Credit Debit A. Raw Materials Materials Price Variance Materials Price Variance B. A/P C. Raw Materials D. A/P Materials Price Variance Materials Price Variance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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55. When the actual price paid on credit for a raw material is less than its standard price, the journal entry would include: Credit Credit Credit Debit A. Raw Materials Materials Price Variance Materials Price Variance B. A/P C. Raw Materials D. A/P Materials Price Variance Materials Price Variance
Transcribed Image Text:55. When the actual price paid on credit for a raw material is less than its standard price, the journal entry would include: Credit Credit Credit Debit A. Raw Materials Materials Price Variance Materials Price Variance B. A/P C. Raw Materials D. A/P Materials Price Variance Materials Price Variance
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