Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $41.00 per ounce and the standard quantity is 21.8 ounces per unit of output. Data concerning the compound for October appear below: Cost of material purchased in October $ 41.10 per ounce Material purchased in October 3,200 ounces Material used in production in October 2,300 ounces Actual output in October 780 units The material was purchased on account and Calvin Corporation uses a standard costing system.The debit to the Materials Inventory account for October would total: Multiple Choice $131,200. $94,300. $131,520. $697,164.
Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $41.00 per ounce and the standard quantity is 21.8 ounces per unit of output. Data concerning the compound for October appear below: Cost of material purchased in October $ 41.10 per ounce Material purchased in October 3,200 ounces Material used in production in October 2,300 ounces Actual output in October 780 units The material was purchased on account and Calvin Corporation uses a standard costing system.The debit to the Materials Inventory account for October would total: Multiple Choice $131,200. $94,300. $131,520. $697,164.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $41.00 per ounce and the standard quantity is 21.8 ounces per unit of output. Data concerning the compound for October appear below:
| Cost of material purchased in October | $ | 41.10 | per ounce | |
| Material purchased in October | 3,200 | ounces | ||
| Material used in production in October | 2,300 | ounces | ||
| Actual output in October | 780 | units | ||
The material was purchased on account and Calvin Corporation uses a standard costing system.
The debit to the Materials Inventory account for October would total:
Multiple Choice
-
$131,200.
-
$94,300.
-
$131,520.
-
$697,164.
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