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Multiple Choice debit to Work in Process, debit to Material Price Variance, credit to Raw Materials debit to Work in Process, credit to Material Price Variance, credit to Raw Materials

Multiple Choice debit to Work in Process, debit to Material Price Variance, credit to Raw Materials debit to Work in Process, credit to Material Price Variance, credit to Raw Materials

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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If materlals are purchased on account and the the actual price pald for materlals Is less than the standard price, the journal entry would Include: Multiple Choice debit to Work in Process, debit to Material Price Variance, credit to Raw Materials debit to Work in Process, credit to Material Price Variance, credit to Raw Materials debit to Raw Materials, credit to Material Price Variance, credit to Accounts Payable debit to Raw Materials, debit to Material Price Variance, credit to AcCounts Payable
Transcribed Image Text:If materlals are purchased on account and the the actual price pald for materlals Is less than the standard price, the journal entry would Include: Multiple Choice debit to Work in Process, debit to Material Price Variance, credit to Raw Materials debit to Work in Process, credit to Material Price Variance, credit to Raw Materials debit to Raw Materials, credit to Material Price Variance, credit to Accounts Payable debit to Raw Materials, debit to Material Price Variance, credit to AcCounts Payable
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