Managerial Accounting and Raw Material Used in Production
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When the actual amount of a raw material used in production is less than the standard amount allowed for the actual output, the journal entry would include:
Credit to Work-In-Process; Credit to Materials Quantity Variance
Credit to Raw Materials; Credit to Materials Quantity Variance
Credit to Raw Materials; Debit to Materials Quantity Variance
Credit to Work-In-Process; Debit to Materials Quantity Variance
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Solution Summary
Managerial accounting and raw materials used in production are determined. The credits to raw materials and debits to materials quantity variances are analyzed.
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Managerial Accounting
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When the actual amount of a raw material used in production is less than the standard amount allowed for the actual output, the journal entry ...
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