The Dexon Company Makes and Sells a Single Product, Called

question 76

Multiple Choice

The Dexon Company makes and sells a single product, called a Mip, and employs a standard costing system. The following standards have been established for one unit of Mip: $\begin{array}{|l|r|r|}\hline & \text { Standard Quantity or Hours } & \text { Standard Cost per Mip } \\\hline \text { Direct Materials } & 6 \text { board metre } & \$ 9.00 \\\hline \text { Direct Labour } & 0.8 \text { hours } & \$ 9.60 \\\hline\end{array}$
There were no inventories of any kind on August 1. During August, the following events occurred:
Purchased 15,000 board metres at the total cost of $\$ 24,000$ .
Used 12,000 board metres to produce 2,100 Mips.
Used 1,700 hours of direct labour time at a total cost of $\$ 20,060$ .
- To record the use of direct materials in production,the general ledger would include what entry to the Materials Quantity Variance account?

• A) $900 debit.
• B) $900 credit.
• C) $3,600 debit.
• D) $3,600 credit.

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Definitions:

Preemptive Right

A shareholder’s right to purchase a proportionate share of every new offering of stock by the corporation.

Shareholder's Right

The entitlements or privileges granted to an individual or entity that owns shares in a corporation, including the right to vote on corporate matters and to receive dividends.

Shareholder Proposal

A suggestion submitted by a shareholder about a broad company policy or procedure.

Shareholders' Meeting

A gathering of the shareholders of a company where decisions regarding the company's policies, management, and financial matters are discussed and voted upon.