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artcher [175]
2 years ago
13

QS 15-4 Raw materials journal entries LO P1 During the current month, a company that uses job order costing purchases $90,000 in

raw materials for cash. It then uses $17,000 of raw materials indirectly as factory supplies and uses $66,100 of raw materials as direct materials. Prepare journal entries to record these three transactions
Business
1 answer:
Temka [501]2 years ago
8 0

Answer:

The journal entries are shown below:

Explanation:

The journal entries are as follows

Raw materials inventory $90,000  

      To  Cash  $90,000

(Being the raw material is purchase for cash is recorded)

Factory overhead $17,000  

         Raw materials inventory  $17,000

(Being the factory supplies is recorded)

Work in process inventory $66,100  

         Raw materials inventory $66,100

(Being the work in process is recorded)

Only these three entries are to be recorded)

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A type of production that yields customized products or services for each customer is called
victus00 [196]

Answer:

b. Job order production.

Explanation:

Job order production is the process of manufacturing non-standard or unique products for specific customers. Sometimes making a job order production is also called making a work order or making it an individual order, because each order or work is an order placed by the customer. In most cases, custom jobs are created only once. Many manufacturers specialize in mass production of custom products. Buyers come to the manufacturer with a special design or product, and the manufacturer develops and creates an individual product.

A customer-oriented production puts customer satisfaction at the center of each of its business decisions. Customer focus is defined as an approach to sales and customer relations, in which employees focus on helping customers meet their long-term needs and desires. Here, management and employees coordinate their individual and team goals in order to satisfy and retain customers. This contrasts, in particular, with a focus on sales, which is a strategic approach when the needs and desires of a company or seller are evaluated in relation to the client.

Just in Time production is an inventory strategy developed to increase production and productivity. All production processes (in-progress cost) and the type of production taking into consideration the time criteria in order to minimize the associated sub-costs are derived from the Japanese Kanban system. During production, it determines the order of work by considering the production of the next process. This strategy, which states that the order level is reached in the storage process and that the order must be met after this point, provides the most efficient storage volume and production continuity. In short, just in time, the demand is to produce as soon as possible with excellent quality and transport it to the right place at any time.

Job lot production is a production futures contract whose trading volume is below the level required by normal operations. These contracts or lots are available to add liquidity to futures exchanges by allowing smaller "participants" to enter the market.

Process production is a system from production in which a product goes through several processes or stages from production, which will be operated on a more continuous basis; for example, in oil refineries and petrochemical plants, where these processes include liquid or semi-solid materials. In the production of the main product, they say, gasoline, from such in the production process, by-products such as tar or creosote can inevitably arise.

5 0
2 years ago
"what kinds of misunderstanding are likely to arise between an american company and a saudi enterprise, neither of which has exp
cestrela7 [59]
On the off chance that an American organization has a solid female nearness at that point there might be troubles because of the limitation puts on ladies in Saudi culture. Additionally, the Saudi predisposition against what they see as modest work could cause issues if an American organization does not comprehend it. Since American organizations have a tendency to advance construct more in light of experience it could cause issues that the Saudi depend more on family and individual associations
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2 years ago
A small college employs two economists. Rob has been employed by the college for 15 years and Bill has been employed for one yea
Korvikt [17]

Answer:

E. efficiency wages

Explanation:

Clearly this isn't a discrimination case, as Rob has a robust background with the company (15 years). Although their work output may be the same, Rob's experience justifies the higher pay.

This is one form of efficiency wage theory, holding that higher wages lead to increased employee productivity. This way, Rob gets an incentive for staying with the company.

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2 years ago
The holder of a promotional permit may:
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The holder of a promotional permit may MAY ENGAGE IN ACTIVITIES TO PROMOTE AND ENHANCE THE SALE OF ALCOHOLIC BEVERAGES ON BEHALF OF THE ALCOHOL MANUFACTURERS. The permit licensed the holder to market alcohol drinks without any consequence attached but he must be qualified to get the licence and he is also expected to pay annual fees.
4 0
2 years ago
Read 2 more answers
Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevan
ollegr [7]

Answer:

construction in progress 400,000

cost of construction 600,000

revenue from long-term contracts 1,000,000

Explanation:

To derive revenue for this year :we say Total revenue $3,000,000- Revenue previously recognized $2,000,000 =

Revenue to recognize this year $1,000,000.

Cost recognized for the year= $600,000(as opposed to $12000000 in costs last year)

Gross profit recognized for this year = $1,000,000 - $600,000 = $400,000

4 0
2 years ago
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