Atlace Manufacturers Uses a Standard Costing System

question 71

Multiple Choice

Atlace Manufacturers uses a standard costing system.Standards for direct materials are as follows:
-The company plans to produce 3,000 units of product,and has purchased 10,000 pounds of raw materials for a net cost of $48,000.What is the journal entry to record this transaction?

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Definitions:

Accounts Payable

A bookkeeping record indicating a business's duty to settle a short-term financial debt with its lenders or vendors.

Cash Flows

The inflows and outflows of cash and cash equivalents, representing the operational, investing, and financing activities of a business.

Year Ended

Refers to the end of a 12-month financial accounting period or fiscal year for an organization.

Mass Media

Channels of communication, such as television, newspapers, and the internet, that reach a large audience simultaneously.