1. If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is
What is a standard cost?
- The amount management thinks should be incurred to produce a good or service
- The total amount that appears on the budget for product costs
- Any amount that appears on a budget
- The total number of units times the budgeted amount expected
2.What is a standard cost?
- The amount management thinks should be incurred to produce a good or service
- The total amount that appears on the budget for product costs
- Any amount that appears on a budget
- The total number of units times the budgeted amount expected