During June, Cisco Company produced 15,000 chainsaw blades. The standard quantity of material allowed per unit was 1.5 pounds of steel per blade at a standard cost of $5 per pound. The actual purchase price was $6.25 per pound. Cisco determined that it had a favorable materials usage variance of $2,500 for June. What is the journal entry to record the issuance and usage of materials?
Definitions:
Written Contract
A formal agreement between parties that is expressed in written form and is legally binding.
Exclude Evidence
A legal process to prevent certain information or materials from being presented in court, often due to irrelevance or violation of rules.
Final Statement
The conclusive summary or account statement that represents the last in a series, detailing final balances or outcomes.
Written Contract
A legally binding agreement between parties that has been expressed in textual form.
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