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Production of a product utilizes materials D, E, and F. The following are their standards:
During August, the following actual production information was provided:
Material Actual Mix
D 37,000 units
E 17,000 units
F 7,000 units
Yield 50,000 units
Required:
Calculate the materials mix, yield, and usage variances.
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Loan Repay
Loan repayment is the act of paying back borrowed funds to the lender, typically in installments that include both principal and interest.
Notes Payable
Financial obligations represented by written promissory notes requiring the borrower to repay the amount borrowed plus interest.
Accounts Payable
Liabilities or money owed by a business to its creditors or suppliers for goods and services received.
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