Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units.
Journalize the purchase and usage of direct materials including the related variances.

Question

Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units. 
 Journalize the purchase and usage of direct materials including the related variances.

Quizplus · Accepted Answer

The Answer of Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units. 
 Journalize the purchase and usage of direct materials including the related variances.

Standard Products Company Recognizes Variances from Standards at the Earliest