Reference: 21_08 Fairfield Co. Has Collected the Following Information About Its Production

question 124

Essay

Reference: 21_08
Fairfield Co. has collected the following information about its production activities for the current year:
Actual costs and quantities:
Direct materials used 95,000 lbs. @ $6.30 per lb.
Units completed during the year, 50,000 units
Standard costs and quantities:
Price per lb. of direct material, $6.05
Two lbs. of direct material per unit
-Prepare the journal entry to record the direct materials purchases and the issuance of direct materials into production.

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Definitions:

Crowdfunding

A strategy for acquiring funds by leveraging the combined contributions of relatives, friends, clients, and independent investors.

Funding Goal

The specific amount of money that a project or venture aims to raise within a given timeframe, often through means such as loans, investments, or crowdfunding campaigns.

Crowdfunding

The strategy of accumulating funds for a project or venture by appealing for small monetary donations from countless individuals, typically through the web.

Product

A good or service offered by a business or seller to meet consumer needs or demands.