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Marciano Manufacturing Uses a Standard Cost System The Company Plans to Produce 3500 Units and Has Purchased

question 101

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Marciano Manufacturing uses a standard cost system.Standards for direct materials are as follows:  Direct materials (pounds per unit of output)  3 Cost per pound of direct materials $3\begin{array} { | l | l | } \hline \text { Direct materials (pounds per unit of output) } & 3 \\\hline \text { Cost per pound of direct materials } & \$ 3 \\\hline\end{array} The company plans to produce 3500 units and has purchased on account 15,000 pounds of direct materials at a net cost of $43,200.What is the journal entry to record this transaction?

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Definitions:

Flotation Costs

The costs associated with issuing new securities, including underwriting, legal, registration, and other expenses.

Securities

Investment assets that denote a shareholding in a publicly-listed company (stock), a bondholder’s claim against a corporation or government, or ownership rights as outlined in an option contract.

Project Costs

Project Costs include all expenses incurred during the execution of a project, including materials, labor, and overhead.

Subjective Approach

A method based on personal opinions, interpretations, points of view, emotions and judgment.

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