When the Actual Amount of a Material Used in Production

question 13

Multiple Choice

When the actual amount of a material used in production is greater than the standard amount allowed for the actual output, the journal entry would include:

• A) debit to Materials Inventory; credit to Materials Efficiency Variance.
• B) debit to Work-In-Process Inventory; credit to Materials Efficiency Variance.
• C) debit to Materials Inventory; debit to Materials Efficiency Variance.
• D) debit to Work-In-Process Inventory; debit to Materials Efficiency Variance.

Discuss examples of menu costs and how they relate to inflation.

Understand the reasons for holding U.S. currency abroad.

Comprehend the functions of money, including as a unit of account, medium of exchange, and store of value.

Recognize the insufficiency of legal tender laws for currency usage and the importance of general acceptance.

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