Ingredient A12H Is a Material Used to Make Calvin Corporation's

question 116

Multiple Choice

Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $23.00 per ounce and the standard quantity is 3.8 ounces per unit of output. Data concerning the compound for October appear below:
$$\begin{array} { l r l } \text { Cost of material purchased in October } & \$ 23.10 & \text { per ounce } \\\text { Material purchased in October } & 2,300 & \text { ounces } \\\text { Material used in production in October } & 2,120 & \text { ounces } \\\text { Actual output in October } & 600 & \text { units }\end{array}$$
The material was purchased on account and Calvin Corporation uses a standard costing system.
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The credit to the Materials Inventory account for October would total:

• A) $52,440.
• B) $48,760.
• C) $52,900.
• D) $53,130.

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Definitions:

Belmont Report

A report by the National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research. It outlines three basic ethical principles—autonomy, beneficence, and justice—covering research with human subjects.

IRB Review

The process wherein an Institutional Review Board evaluates research proposals to ensure ethical standards are met, particularly in regard to participant safety and consent.

Common Rule

The Federal Policy for the Protection of Human Subjects. Shared standards adopted by federal agencies for the protection of human research subjects.

Belmont Report

A foundational document in the ethics of human subjects research, outlining respect for persons, beneficence, and justice as key principles.