The following standards have been established for a raw material used in the production of product G13: The following data pertain to a recent month's operations: Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
c. Prepare journal entries to record the purchase and use of the raw material during the month. (All raw materials are purchased on account.)

Question

The following standards have been established for a raw material used in the production of product G13:  The following data pertain to a recent month's operations:  Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
c. Prepare journal entries to record the purchase and use of the raw material during the month. (All raw materials are purchased on account.)

Quizplus · Accepted Answer

The Answer of The following standards have been established for a raw material used in the production of product G13:  The following data pertain to a recent month's operations:  Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
c. Prepare journal entries to record the purchase and use of the raw material during the month. (All raw materials are purchased on account.)

The Following Standards Have Been Established for a Raw Material