If a Company Purchases Raw Materials on Account for $19830

question 105

Multiple Choice

If a company purchases raw materials on account for $19830 when the standard cost is $18900 it will

• A) debit Materials Price Variance for $930.
• B) credit Materials Price Variance for $930.
• C) debit Materials Quantity Variance for $930.
• D) credit Material Quantity Variance for $930.

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Definitions:

Predicted GPA

An estimate of a student's grade point average based on variables such as test scores or previous academic performance.

Absolute Value

A mathematical function that removes any negative sign in front of a number, effectively measuring the distance of the number from zero.

Correlation

A statistical measure that describes the extent to which two variables change together, but not necessarily indicating causation.

Prediction Error

The difference between observed values and the values predicted by a model.