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RichaDuggi13 RichaDuggi13
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A month 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 Inventory​1,200


▸
Raw Materials Inventory1,200​
    Direct Materials Price Variance​100
    Accounts Payable​1,100


▸
Raw Materials Inventory1,100​
Direct Materials Price Variance100​
    Accounts Payable​1,200


▸
Accounts Payable1,200​
    Direct Materials Price Variance​100
    Raw Materials Inventory​1,100
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Managerial Accounting

Managerial Accounting


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ksweetksweet
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More solutions for this book are available here
Raw Materials Inventory1,100​
Direct Materials Price Variance100​
    Accounts Payable​1,200


Raw Materials Inventory: 1,000 × $1.10 = $1,100 debit;
Accounts Payable: 1,000 × $1.20 = $1,200 credit;
Direct Materials Price Variance: $1,200 - $1,100 = $100 debit
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RichaDuggi13 Author
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A month ago
Thanks
rudy.zondo
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Yesterday
Just got PERFECT on my quiz
dearsophia21
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2 hours ago
Smart ... Thanks!
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