Thomas Company Uses a Standard Cost System and Recognizes the Materials

question 87

Multiple Choice

Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased.Information for raw materials for Product RBI for the month of October follows: What is the entry to record the purchase of materials?

• A)Materials 6,600 Material purchase price variance 400 Accounts payable 7,000
• B)Materials 7,000 Material purchase price variance 400 Accounts payable 6,600
• C)Materials 6,600 Accounts payable 6,600
• D)Materials 6,600 Material purchase price variance 330 Accounts payable 6,270

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Definitions:

National-Origins

A term referring to the original homeland or country of a person's ancestors before their migration to another country.

U.S. Troops

Refers to members of the United States Armed Forces, including the Army, Navy, Marine Corps, Air Force, and Coast Guard.

Vietnam

A Southeast Asian country known for its pivotal role in geopolitical tensions during the Cold War, especially the Vietnam War between the North (supported by the USSR and China) and the South (supported by the USA).

Peace Process

The political and diplomatic efforts to negotiate and secure peace, particularly in contexts of prolonged conflict or warfare, with the aim of resolving disputes and ending hostilities.