Malkovich Company Uses a Standard Costing System

question 87

Multiple Choice

Malkovich Company uses a standard costing system. The following information pertains to direct materials for the month of July: Standard price per lb. $18.00
Actual purchase price per lb. $16.50
Quantity purchased 3,100 lbs.
Quantity used 2,950 lbs.
Standard quantity allowed for actual output 3,000 lbs.
Actual output 1,000 units
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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Definitions:

Pleadings

Legal documents filed with a court to initiate or respond to a lawsuit, outlining each party's positions, claims, defenses, and demands.

Electronic Discovery

The process of identifying, collecting, and producing electronically stored information (ESI) in response to a request for production in a lawsuit or investigation.

Residual Data

Remaining information or data fragments left on storage devices after attempts have been made to delete or remove the original data.

Image Copy

A digital or photographic copy of a document, object, or scene used for legal or official purposes.