Petrillo Company produces engine parts for large motors and uses standard costing for its production costing and control. The company provided the following information for the month of November: Standards for direct materials per unit 7 lbs. at $6 per Ibs. Parts produced 2,000 units Direct materials purchased 12,000 lbs. at $5.8 per Ibs. Beginning inventory of direct 5,000 lbs. materials 2,000 lbs. Ending inventory of direct materials Which of the following should appear in journal entries to record the purchase of direct materials on account during the period? O Debit to Work-in-Process for 84,000 O Debit to Raw Materials for 69,600 O Credit to Accounts Payable for 72,000 O Credit to Direct Materials Price Variance for 2,400

Petrillo Company produces engine parts for large motors and uses standard costing for its production costing and control. The company provided the following information for the month of November: Standards for direct materials per unit 7 lbs. at $6 per Ibs. Parts produced 2,000 units Direct materials purchased 12,000 lbs. at $5.8 per Ibs. Beginning inventory of direct 5,000 lbs. materials 2,000 lbs. Ending inventory of direct materials Which of the following should appear in journal entries to record the purchase of direct materials on account during the period? O Debit to Work-in-Process for 84,000 O Debit to Raw Materials for 69,600 O Credit to Accounts Payable for 72,000 O Credit to Direct Materials Price Variance for 2,400

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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Petrillo Company produces engine parts for large motors and uses standard costing for its production costing and control. The company provided the following information for the month of November: Standards for direct materials per 7 lbs. at $6 per unit Ibs. Parts produced 2,000 units Direct materials purchased 12,000 lbs. at $5.8 per Beginning inventory of direct Ibs. materials 5,000 lbs. Ending inventory of direct materials 2,000 lbs. What is the direct material guantity (usage) variance? O $6,000 U O $30,000 F O $3,000 U O $12,000 F
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