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Alex73 [517]
2 years ago
15

Larned Corporation recorded the following transactions for the just completed month. $80,000 in raw materials were purchased on

account. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $175,000 were incurred.Prepare journal entries for above transactions.
Business
1 answer:
sesenic [268]2 years ago
5 0

Answer and Explanation:

The Journal entry is shown below:-

a. Raw material Dr, $80,000

                To Account payable $80,000

(Being purchase of raw material is recorded)

Here we debited the raw material as it increased the assets and we credited the accounts payable as  it also increased the liabilities

b. Work in process Dr, $62,000

   Manufacturing overhead Dr $9000

           To Raw material $71,000

(Being raw material used is recorded)

Here we debited the work in progress ,  the manufacturing overhead as it increased the assets and expenses and credited the raw material as  it decreased the assets

c. Work in process Dr, $101,000

   Manufacturing overhead Dr, $11,000

                       To Cash $112,000

(Being paid to labor is recorded)

Here we debited the work in progress ,  the manufacturing overhead as it increased the assets and expenses and credited the cash as  it decreased the assets

d. Manufacturing overhead Dr, $175,000

          To Accumulated depreciation-Equipment $175,000

(Being manufacturing overhead is recorded)

Here we debited the manufacturing overhead as it increased the expenses and we credited the accumulated depreciation of depreciation as it reduced the assets

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why is the quantity of education demand in private universities Much more responsive than salt is to change in price ?​
Nuetrik [128]

Answer:

Education demand is elastic as compared to salt demand which is highly inelastic.

Explanation:

Elasticity of demand is a measure of the responsiveness of the demand of a good or service relative to it's corresponding change in price. A demand curve can be used to determine the degree of elasticity. A demand curve is a graphical representation of how price varies with quantity of goods and services demanded. The quantity of goods demanded is plotted on the horizontal axis of the graph with the corresponding price plotted on the vertical axis of the graph. With the graph, the elasticity of demand can be calculated. The formula for determining elasticity for demand is;

ED=Q/P

where;

ED=elasticity of demand

Q=percentage change in quantity demanded, where

Q={(Q2-Q1)/Q1}×100

Q2=quantity demanded when price is P2

Q1=quantity demanded when price is P1

P=percentage change in price, where;

P={(P2-P1)/P1}×100

P2=final price

P1=initial price

The formula above can be used to determine the degree of elasticity of a good or service as shown;

If the price elasticity of demand is greater than 1, then the demand is elastic. Meaning the demand is very sensitive to changes in price. This usually happens on goods and services that are wants rather than needs. Wants are luxuries that most people can do without or can find cheaper alternatives while needs are goods that most people can't do without.

If the price elasticity of demand is less than 1, then the good or service is inelastic. Meaning the demand is not very sensitive to changes in price. This usually happens on goods and services that are needs. Needs are goods and services that most people cannot do without.

In our case, salt is a need that most people cannot do without, therefor inelastic. However, quantity of education in private universities is highly elastic since there are many alternatives like public universities that are much cheaper compared to private universities. So a change in price will affect the quantity of demand.

8 0
2 years ago
Tektron Industries has Beginning and Ending Raw Materials Inventories of $32,000 and $40,000, respectively. Direct Materials use
ch4aika [34]

Answer:

$138,000

Explanation:

The computation of the cost of Raw Materials Purchased is shown below:

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= $138,000

Simply we added the  ending direct material inventory and deduct the beginning direct material inventory  to the direct material used so that the accurate amount can come

5 0
2 years ago
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