Malkovich Company Uses a Standard Costing System

question 2

Multiple Choice

Malkovich Company uses a standard costing system. The following information pertains to direct materials for the month of July: Malkovich Company reports its material price variances at the time of purchase.
What is the journal entry to record material purchases?

• A) Materials 55,800 Materials Price Variance 4,650 Accounts Payable 51,150
• B) Accounts Payable 55,800 Materials 55,800
• C) Materials 55,800 Accounts Payable 55,800
• D) Materials 51,150 Materials Price Variance 4,650 Accounts Payable 55,800

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