Patrick Co

question 10

Essay

Patrick Co.produces computer desks and uses a standard cost system.Materials standards are 6.75 pounds of material at $10.40 per pound and 5.2 hours of labor at a standard wage rate of $10.50.During December,Patrick Co.produced and sold 3,100 desks.Materials purchases totaled 20,800 pounds at a total cost of $224,780.Materials usage totaled 20,970 pounds.Payroll totaled $183,660 for 17,140 hours worked.Patrick Co.does not maintain inventories other than direct materials.Prepare journal entries to record the following transactions.
a.Direct materials purchase
b.Direct materials usage
c.Direct labor incurred

Identify the significance of supply chain management in global operations.

Differentiate between strategies of low-cost leadership and product differentiation.

Recognize the impact of location decisions on operational effectiveness.

Understand the application of SWOT analysis in strategic operations management.

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Definitions:

Obligation

A duty or commitment that an individual is bound to fulfill, whether by law, promise, or moral responsibility.

Return In Kind

The act of reciprocating or responding to a gesture or action with a similar one.

Immoral Actions

Behaviors that are considered to be wrong or unethical according to societal norms or personal ethical standards.

Unhappiness

A state of sadness, dissatisfaction, or general discontent.