ABC Produces Ping Pong Balls Using a Three-Step Sequential Process

question 168

Multiple Choice

ABC produces ping pong balls using a three-step sequential process that includes molding,coloring and finishing.When the balls and associated costs are transferred from the molding process to the coloring process,which account is credited?

• A)WIP inventory-coloring
• B)WIP inventory-molding
• C)Raw materials inventory
• D)WIP inventory-finishing

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Definitions:

Materials Quantity Variance

The financial difference between the actual quantity of materials used in production and the standard expected quantity.

Favorable

A term used to describe outcomes or variances that are positive or beneficial to a business, such as lower costs or higher revenues than expected.

Unfavorable

A term used in budgeting and variance analysis indicating costs exceeded the budget or revenue fell short.

Variable Overhead Efficiency Variance

The difference between the expected variable overhead costs based on standard costing and the actual variable overhead incurred, attributable to efficiency.