Answer:
amount of direct materials that should be used for each unit of finished product including an allowance for normal inefficiencies, such as scrap and spoilage.
Explanation:
Standard quantity per unit is defined as materials that the manufacturer needs to complete a unit of a product. It also allows for inefficiencies such as spoilage and scrap.
It is used by managers to reduce wastage that exists during production by allocation of only the required amount of direct materials in the production process.
Before introducing yourself, it is imperative that you fully inform yourself about the two cases to be discussed, and what the effects of each have on the organization. It is also important to make a hypothetical situation of each case and to observe probable causes and effects that will assist in creating the probable scenario and in decision making.
Answer:
The journal entry is shown below:
Explanation:
The journal entry for the sale of the goods using the system of perpetual inventory is shown below:
Cost of Goods sold A/c.............................Dr XXXX
Inventory A/c........................................Cr XXXX
Being record the sale using perpetual inventory system
Under the system of perpetual inventory, the sale or the purchase of inventory is recorded immediately using the point of sale system.
So, account of Cost of goods sold (COGS) is debited against the inventory which is sold through the business and that is credited.
<span>Accountants must abide by a strict code of ethics that defines their responsibilities to their clients and to the public interest. Hope this answers the question. Have a nice day. Feel free to ask more questions. Thank you.</span>
