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A total of 6,850 kilograms of a raw material was purchased at a total cost of $21,920. The materials price variance was $1,370 favorable. The standard price per kilogram for the raw material must be:
Rental Income
Earnings received from renting out property or other assets.
Journal Entry
A record of financial transactions in accounting, typically consisting of a debit to one or more accounts and a credit to another, balancing out.
Liabilities
Financial obligations or debts that a company owes to others, which are expected to be paid in the future.
Journal Entry
A record of financial transactions in the double-entry bookkeeping system, indicating credits and debits in accounts.
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