Roberts Company Uses a Standard Costing System

question 45

Multiple Choice

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

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Definitions:

Value

The importance, worth, or usefulness of something, often considered in terms of monetary, cultural, or personal significance.

Evaluative Criteria

Standards or benchmarks used to assess or judge the quality, value, or suitability of something, such as a program, research study, or service.

Discriminative Stimulus

A stimulus in the presence of which a particular response will be reinforced, indicating the appropriate context for that behavior.

Rewarding Stimuli

Stimuli that increase the likelihood of a repeat of the behavior that they follow due to their positive effects.