Reference no: EM132933512
Y operates a standard marginal costing system. The following budgeted and standard cost information is available:
Budgeted production and sales 10,000 units
Direct material cost - 3 kg x Khs.10 Khs.30 per unit
Actual results for the period were as follows:
Production and sales 11,500 units
Direct material - 36,000 kg Khs.342,000
Problem 1: The direct material usage variance is
A. Khs.14,250 adverse
B. Khs.14,250 favorable
C. Khs.15,000 favorable
Problem 2: In a standard cost bookkeeping system, when the actual material price exceeds the standard price, the double entry to record the difference in price is:
A. Debit the material price variance account and credit the raw material control account
B. Credit the material price variance account and debit the raw material control account
C. Debit the material price variance account and credit the work-in-progress account
D. Credit the material price variance account and debit the work-in-progress account
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