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Signore Corporation Uses a Standard Cost System in Which Inventories

question 62

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Signore 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 34,600 gallons of raw material at a price of $9.10 per gallon and used 30,050 gallons of the raw material to produce 20,100 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 purchase of raw materials is recorded, which of the following entries will be made?

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Definitions:

Units Produced

The total quantity of finished goods manufactured by a company during a specific period.

Horizontal Axis

In graphing, it is the x-axis, representing the independent variable or the base line against which other variables are measured.

Fixed Cost

Costs that remain constant regardless of production or sales volumes, including expenditures like rent, salaries, and insurance.

Variations in Volume

Changes in the amount of output produced or sold, affecting costs and revenue.