Materials price variance on these materials

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Reference no: EM13791697

During the month of May, Marian Manufacturing Corporation purchased materials that had a total standard cost of $37,000. The Materials Price Variance on these materials was $6,000 favorable. What summary journal entry would Domino make to record this purchase and variance for May?

A. Work in Process 37,000

Materials Price Variance 6,000

Raw Materials 43,000

B. Raw Materials 37,000

Materials Price Variance 6,000

Accounts Payable 43,000

C. Work in Process 31,000

Materials Price Variance 6,000

Raw Materials 37,000

D. Raw Materials 37,000

Materials Price Variance 6,000

Accounts Payable 31,000

Reference no: EM13791697

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