Biology Forums - Study Force

Which of the following statements is true?

1. When the materials price variance is recorded at the time of purchase, raw materials are recorded as inventory at standard cost.
2. Material price variances are often isolated at the time materials are purchased, rather than when they are placed into production, to facilitate earlier recognition of variances.

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Only statement I is true.

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Only statement II is true.

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Both statements are true.

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Neither statement is true.

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