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:

Net New Jobs

The total number of jobs created in an economy over a specific time frame, after accounting for job losses, showcasing the employment growth rate.

Industry Employment

The aggregate number of jobs or positions filled or available in a specific industry or sector of the economy.

Intellectual Capital

The valuable skills and knowledge that employees of a business possess.

Process Innovation

The implementation of new or significantly improved production or delivery methods in a business.