Homework Answers
Answer
- Favourable variances are CREDITED and Unfavourable variances are DEBITED.
- When raw material is purchased, raw material account is debited.
- Accounts Payable gets credited by the actual amount of purchase cost.
- Correct Answer = Option ‘C’
[Debit] Raw Material $ 37,000
[Credit] Material price variance= $ 6000
[Credit] Accounts Payable $ 31,000
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B:
C:
D:
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B:
C:
D:
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