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becky28 becky28
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Haven Industries transferred 5,500 units of raw material into production to produce 2,500 units.  The standard quantity of raw material required for each unit is 2 and the standard cost is $1.20 per unit. Which of the following is the correct journal entry to record the transfer?

▸
Raw Materials Inventory6,000​
Direct Materials Quantity Variance 600​
    Work in Process Inventory​6,600


▸
Work in Process Inventory6,000​
Direct Materials Quantity Variance 600​
    Raw Materials Inventory​6,600


▸
Raw Materials Inventory6,600​
    Direct Materials Quantity Variance​600
    Work in Process Inventory​6,000


▸
Work in Process Inventory6,600​
    Direct Materials Quantity Variance​600
    Raw Materials Inventory​6,000
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Managerial Accounting

Managerial Accounting


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micapiromicapiro
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More solutions for this book are available here
Work in Process Inventory6,000​
Direct Materials Quantity Variance 600​
    Raw Materials Inventory​6,600


Raw materials transferred: 5,500 × $1.20 = $6,600 credit;
Work in Process Inventory: 2,500 × 2 × $1.20 = $6,000 debit;
Direct Material Quantity Variance: $6,600  ̶  $6,000 = $600 debit
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This calls for a celebration Person Raising Both Hands in Celebration
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Thank you, thank you, thank you!
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You make an excellent tutor!
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