Assume That SQ = Standard Quantity,SP = Standard Price,AQ =

question 76

Multiple Choice

Assume that SQ = Standard Quantity,SP = Standard Price,AQ = Actual Quantity,and AP = Actual Price.Also assume a favourable materials usage variance.Which of the following would be the journal entry and the equation to record the issuance and usage of materials?

• A)Work in Process SQ × SPMaterials Usage Variance (AQ − SQ)SPMaterials AQ × SP
• B)Work in Process AQ × SPMaterials Usage Variance (AQ − SQ)SPMaterials AQ × SP
• C)Work in Process AQ × APMaterials Usage Variance (AQ − SQ)SPMaterials AQ × SP
• D)Work in Process SQ × APMaterials Usage Variance (AQ − SQ)SPMaterials AQ × SP

---

Definitions:

Sample Mean

The average value of a sample set of a population, used as an estimate of the population mean.

Population Average

The mean value of a particular characteristic in a specified population, representing a central tendency.

Statistical Significance

Indicates whether the results of a study are likely to be due to chance or are actually significant in terms of supporting a hypothesized effect.

T Value

A statistic calculated in hypothesis testing used to compare the observed difference between two means relative to the variability of the data.