Question: Please help me solve this Cello Industries commenced operations in January and uses a standard cost accounting system. During the month of January, Cello purchased

Please help me solve this

Cello Industries commenced operations in January and uses a standard cost accounting system. During the month of January, Cello purchased and used 32,000 pounds of raw materials at a cost of $2.80 per pound. The standard price is $3.00 per pound. Cello completed 15,500 units of finished goods during January and the standard quantity of raw materials per unit is 2.0 pounds, Which of the following journal entries properly records the purchase and use of raw materials in January? WIP inventory Price variance Quantity variance Accounts payable A. Dr. $93,000 Cr. $6,400 Dr. $3,000 Cr. $89,600 B. Dr. $93.000 Cr. $6,200 Dr. $2,800 Cr. $89,600 C. Dr. $92,600 Dr. $6,200 Cr. $2,800 Cr. $96,000 D. Dr. $92,600 Dr. $6,400 Cr. $3,000 Cr. $96,000 Choice A Choice B Choice C Choice D None of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Cello Industries commenced operations in January and uses a standard cost accounting system. During the month of January, Cello purchased and used 32,000 pounds of raw materials at a cost of $2.80...

Cello Industries commenced operations in January and uses a standard cost accounting system. During the month of January. Cello purchased and used 32,000 pounds of raw materials at a cost of $2.80...

See the attached, I only need the answers for question 38, 39 40 and 41 45 questions Quiz Question 1 (1 point) A responsibility center that incurs costs (and expenses) and generates revenues is...

COMPREHENSIVE FINAL EXAMINATION (Chapters 1 13; Chapter 7 Omitted) Approximate Problem Topic Points Minutes I Multiple Choice 50 45 II Matching 16 20 III Variance Analysis 18 25 IV Miscellaneous...

please help me solve #26 . thank you Grout Enterprises uses a standard cost accounting system and applies variable manufacturing overhead at a rate of $12 per direct labor hour. The standard hours...

Please help me balance my post closing balance!!!!! I don't know where I made my errors. Accounting Cycle Project Solid Footing 9e Project is Activated Save>SAVING your project following these...

Hi, could you please help me solve this? Thank you so much. Chester, Inc. Trial Balances for years ending December 31, 2013, 2014, and 2015 Account Description Cash on Hand Regular Checking Account...

Hello, it is final ACC 241 review. Someone submit it and did not give answer. I think this is help my final exam. So please give me answer. And i check my answer. Accounting 241 Final Exam Review 1)...

CAN YOU PLEASE HELP ME SOLVE THE QUESTION REFERENCING THE ANNUAL REPORT OF BILLABOG 2015 AND 2016. THANKS FEDERATION BUSINESS SCHOOL BUACC1508 ACCOUNTING AND FINANCE ASSESSMENT TASK 2: GROUP...

Toyota Company sold 100 cars for OMR 6,000 per car to customers in 2018, with a repair warranty of 5-years. On January 2020 one of the customers returns the car for warranty repair. The company...

a) Cell constant b) electrolytic conductivity of potassium nitrate c) molar conductivity of potassium nitrate given concentration The resistance of a conductance Cell Containing 0.1 mol dm Potassium...

If a bond portfolio manager believes: in market efficiency, he or she is likely to be a passive portfolio manager. that he or she can accurately predict interest - rate changes, he or she is likely...

11.15 Management has stated that it will tolerate one stockout per year. The forecast of annual demand for a particular SKU is 100,000 units, and it is ordered in quantities of 10,000 units. The lead...

9. Discuss the statement: If the actors mainly act on the basis of a view of human-ity as driven by self-interest, and incorporate this idea into their models, they may end up with their premises...

5. What does it mean when we say the evaluation comes before the presenta-tion?.

1. Discuss the following statements: a) Predetermined is not the same thing as predictable. b) When we are aware of the consequences of our behaviour, we can change our behaviour. c) What we know is...