15 Marciano Manufacturing uses a standard cost system. Standards for direct materials are as follows:Direct materials (pounds per unit of output)2Cost per pound of direct materials$6The company plans to produce 3,500 units and has purchased on account 12,000 pounds of direct materials at a net cost of $45,000. What is the journal entry to record this transaction?O A. Raw Materials Inventory18,00027,000Direct Materials Cost VarianceAccounts Payable45,000O B. Raw Materials Inventory45,000Direct Materials Cost Variance27,000Accounts Payable18,000O C. Raw Materials Inventory72,000Direct Materials Cost Variance27,00045,000Accounts PayableO D. Raw Materials Inventory45,000Direct Materials Cost Variance27,000Accounts Payable72,000

Here direct material price variance will be reflected in cost variance

Marciano Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) 2 Cost per pound of direct materials $6 The company plans to produce 3,500 units and has purchased on account 12,000 pounds of direct materials at a net cost of $45,000. What is the journal entry to record this transaction? ..... O A. Raw Materials Inventory 18,000 Direct Materials Cost Variance 27,000 Accounts Payable 45,000 O B. Raw Materials Inventory 45,000 Direct Materials Cost Variance 27,000 Accounts Payable 18,000 O C. Raw Materials Inventory 72,000 Direct Materials Cost Variance 27,000 45,000 Accounts Payable O D. Raw Materials Inventory 45,000 Direct Materials Cost Variance Accounts Payable 27,000 72,000

Marciano Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) 2 Cost per pound of direct materials $6 The company plans to produce 3,500 units and has purchased on account 12,000 pounds of direct materials at a net cost of $45,000. What is the journal entry to record this transaction? ..... O A. Raw Materials Inventory 18,000 Direct Materials Cost Variance 27,000 Accounts Payable 45,000 O B. Raw Materials Inventory 45,000 Direct Materials Cost Variance 27,000 Accounts Payable 18,000 O C. Raw Materials Inventory 72,000 Direct Materials Cost Variance 27,000 45,000 Accounts Payable O D. Raw Materials Inventory 45,000 Direct Materials Cost Variance Accounts Payable 27,000 72,000

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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