Biology Forums - Study Force

When using a standard costing system, which of the following should be recorded when recording the purchase of direct materials?

▸ Credit Raw Materials Inventory at the standard price and debit Accounts Payable at the actual price with a debit or credit to Direct Materials Price Variance.

▸ Debit Raw Materials Inventory at the standard price and credit Accounts Payable at the actual price with a debit or credit to Direct Materials Price Variance.

▸ Debit Raw Materials Inventory at the standard price and credit Accounts Payable at the standard price.

▸ Credit Raw Materials Inventory at the standard price and debit Accounts Payable at the standard price.

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