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If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then
If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then the journal entry to record the cost of materials used includes:
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- A debit to Work in Process Inventory of $10,373.
- A debit to Work in Process Inventory of $11,732.
- A credit to Materials Price variance of $1,470.
- A debit to Materials Price variance of $2,829.
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