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RichaDuggi13 RichaDuggi13
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A year ago
Haven Industries purchased 1,000 units of product at a cost of $1.20 per unit. Haven's standard price per unit was set at $1.10. Which of the following is the correct journal entry to record the purchase?

Accounts Payable1,100
Direct Materials Price Variance100
    Raw Materials Inventory1,200


Raw Materials Inventory1,200
    Direct Materials Price Variance100
    Accounts Payable1,100


Raw Materials Inventory1,100
Direct Materials Price Variance100
    Accounts Payable1,200


Accounts Payable1,200
    Direct Materials Price Variance100
    Raw Materials Inventory1,100
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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ksweetksweet
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A year ago
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RichaDuggi13 Author
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Helped a lot
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Thanks for your help!!
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