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In a standard cost accounting system, the entry to record purchase of raw materials on...

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Accounting

In a standard cost accounting system, the entry to record purchase of raw materials on account for $14500 when the standard cost is $13650 includes

debit to Raw Materials Inventory for $13650 and credit to Accounts Payable of $13650.

debit to Materials Price Variance for $850 and credit to Accounts Payable for $850.

debit to Raw Materials Inventory for $14500 and credit to Accounts Payable of $14500.

debit to Raw Materials Inventory for 13650, debit to Materials Price Variance for $850 and credit to Accounts Payable for $14500.

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