Adriano Corp

question 32

Essay

Adriano Corp.sold 2,500 cell phones on account for $700 each.The standard direct material and conversion costs of each unit are $173.85 and $57.95,respectively.Record the journal entries for this transaction under the just-in-time costing system.

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Definitions:

Grazing Permits

Licenses issued by government or property owners allowing livestock to graze on land.

Internalize the Externality

The process whereby parties take into account the external costs or benefits of their actions, often through regulatory or market-based mechanisms.

Tragedy of the Commons

A situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource.

Excludable

A characteristic of a good or service that means it can be restricted to only those who pay for it; the opposite of a public or non-excludable good.