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lesantik [10]
3 years ago
7

On May 7, Jernigan Company purchased on account 510 units of raw materials at $18 per unit. During May, raw materials were requi

sitioned for production as follows: 153 units for Job 200 at $15 per unit and 158 units for Job 305 at $18 per unit.
Required:
Journalize the entry on May 7 to record the purchase.
Business
1 answer:
Paladinen [302]3 years ago
3 0

Answer and Explanation:

The journal entry to record the purchase is shown below;

Materials (510 units × $18) $9,180

          To Accounts payable $9,180

(To record the purchases)

Here the material is debited as it increased the assets and credited the account payable as it also increased the liabilities

Therefore the above journal entry should be passed

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Munoz, Inc., produces a special line of plastic toy racing cars. Munoz, Inc., produces the cars in batches. To manufacture a bat
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1. Calculate the efficiency variance for variable overhead setup costs.

This will be calculated as:

= Standard Hours - Actual Hours) × Standard rate

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= (350 - 300) × 38

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2) Calculate the rate variance for variable overhead setup costs.

This will be:

= Standard rate- Actual rate) × Actual Hour

= (38-40) × (15000/250 × 5)

= -2 × 300

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3) Calculate the flexible-budget spending variance for variable overhead setup costs.

This will be the difference between the standard cost and the actual cost. This will be:

= (15000/225×5.25 ×38) - (15000/250×5 ×40)

= 13300 - 12000

= 1300 Favourable

4) Calculate the spending variance for fixed setup overhead costs.

what formular did you use.

This will be:

= Standard Cost - Actual Cost

= 9975-12000

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5 0
3 years ago
California's gdp per capita is $60,000, while nevada's gdp per capita is $40,000. if both grow at 2 percent per year, how long w
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California's GDP in step with capita is $60,000, even as Nevada's GDP according to capita is $forty,000. if both grow at 2 percent in step with yr two states to have the equal GDP per capita, they'll never have the same GDP per capita.

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GDP is important because it gives records approximately the size of the economy and how an economic system is performing. The booming rate of actual GDP is frequently used as an indicator of the general fitness of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economic system is doing well.

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3 0
1 year ago
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