James Corporation Uses a Standard Cost System and Recognizes the Materials

question 65

Multiple Choice

James Corporation uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased.Information for raw materials for the month of December follows: What is the entry to record material usage?

• A)Work in process 6,270 Materials quantity variance 330 Materials 6,600
• B)Work in process 6,270 Materials quantity variance 330 Materials 5,940
• C)Work in process 6,300 Materials quantity variance 350 Materials 6,650
• D)Work in process 5,940 Materials quantity variance 330 Materials 6,270

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Definitions:

Female Employees

Women who are employed by a company, organization, or entity.

Salary

The fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.

Studentized Residuals

Residuals from a regression analysis that have been standardized to have a mean of zero and a standard deviation of one.

R-Squared

A statistical measure that represents the portion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.