The Following Company Information Is Available

question 85

Multiple Choice

The following company information is available.The direct materials quantity variance is:

• A)$10,000 unfavorable.
• B)$13,200 unfavorable.
• C)$ 9,600 unfavorable.
• D)$10,000 favorable.
• E)$13,200 favorable.

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Definitions:

Invoice Price

The amount charged by a seller for goods or services, exclusive of any discounts or allowances.

Journal Entries

The written records of financial transactions in the accounting system, indicating the accounts and amounts debited and credited.

Journal Entries

Journal entries are the initial records of financial transactions in the accounting system, documenting the details of each transaction in chronological order.

Bank Reconciliation

The procedure of ensuring the balances of a cash account in a firm's accounting books match the corresponding figures on a bank statement.