Question
Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $34.00 per ounce and the standard
Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $34.00 per ounce and the standard quantity is 14.8 ounces per unit of output. Data concerning the compound for October appear below:
Cost of material purchased in October $ 34.10 per ounce
Material purchased in October 2,850 ounces
Material used in production in October 2,230 ounces
Actual output in October 710 units
The material was purchased on account and Calvin Corporation uses a standard costing system.
The debit to the Materials Inventory account for October would total:
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