Juliano Corporation Uses a Standard Cost System in Which Inventories

question 136

Multiple Choice

Juliano Corporation uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold.The standard cost card for the company's only product is as follows:
During the year,the company purchased 29,700 pounds of raw material at a price of $5.20 per pound and used 25,700 pounds of the raw material to produce 17,200 units of work in process.
Assume that all transactions are recorded on a worksheet as shown in the text.On the left-hand side of the equals sign in the worksheet are columns for Cash,Raw Materials,Work in Process,Finished Goods,and PP&E (net) .All of the variance columns are on the right-hand-side of the equals sign along with the column for Retained Earnings.
When the raw materials used in production are recorded,which of the following entries will be made?

• A) $600 in the Materials Price Variance column
• B) $600 in the Materials Quantity Variance column
• C) ($600) in the Materials Price Variance column
• D) ($600) in the Materials Quantity Variance column

Comprehend common stock characteristics and shareholder rights.

Calculate and analyze the rate of return on financial indices and individual investments.

Understand the impact of interest rate changes on mortgage scenarios.

Calculate tax equivalent yields for various investments.

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Definitions:

Loop Iteration

A loop iteration refers to the execution of a loop body a single time through the loop.

Pass

In programming, pass often refers to successfully executing or compiling a piece of code without errors, or moving arguments to functions during execution.

Loop

A programming construct that repeats a block of code multiple times based on a specified condition.

Condition Evaluated

A term describing the process where a program checks if a specific condition or set of conditions are met, often used in decision-making structures.