A total of 2,000 pounds of Material Y is purchased at a price of $3.60 per pound. The standard price is $3.20 per pound. What is the correct journal entry impact related to the direct materials price variance? Options: a. Credit to Direct Materials Price Variance for $800 b. Debit to Direct Materials Price Variance for $800 c. Debit to Materials for $6,400 d. Credit to Materials for $6,000

A total of 2,000 pounds of Material Y is purchased at a price of $3.60 per pound. The standard price is $3.20 per pound. What is the correct journal entry impact related to the direct materials price variance? Options: a. Credit to Direct Materials Price Variance for $800 b. Debit to Direct Materials Price Variance for $800 c. Debit to Materials for $6,400 d. Credit to Materials for $6,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 4CE: Kavallia Company set a standard cost for one item at 328,000; allowable deviation is 14,500. Actual...

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