During June, Propene Company Produced 20,000 Chainsaw Blades

question 151

Multiple Choice

During June, Propene Company produced 20,000 chainsaw blades.The standard quantity of material allowed per unit was 2 pounds of steel per blade at a standard cost of $4 per pound.The actual purchase price was $5 per pound.Propene determined that it had a favorable materials usage variance of $2,000 for June.What is the journal entry to record the issuance and usage of materials?

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Definitions:

Internal Supply

Existing employees who can be retrained, promoted, transferred, or otherwise redeployed to fill anticipated future HR requirements.

Labour Market Value

The value that the labor workforce adds to the production of goods or services, often reflected in the wages that employers are willing to pay for specific skills or jobs.

Firm-specific Human Capital

The unique skills, knowledge, and abilities that employees develop through working at a specific firm, contributing to its competitive advantage.

Generic Human Capital

Skills and knowledge that are not specific to a particular job or company but are valuable across different roles and industries.