Problem: Accounting 6.8 Tiago's Electronics uses a standard costing system. Tiago's Electronics purchased 28,000 feet of direct material at the cost of $5 per foot. The standard cost is $5.30 per foot, and it takes 12 feet of direct material to make one unit of product. This month, 3,000 units were produced, and all 28,000 feet of material were used in production. What is the journal entry to record the purchase of direct materials on the account?

Problem: Accounting 6.8 Tiago's Electronics uses a standard costing system. Tiago's Electronics purchased 28,000 feet of direct material at the cost of $5 per foot. The standard cost is $5.30 per foot, and it takes 12 feet of direct material to make one unit of product. This month, 3,000 units were produced, and all 28,000 feet of material were used in production. What is the journal entry to record the purchase of direct materials on the account?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter18: Pricing And Profitability Analysis

Section: Chapter Questions

Problem 3CE: Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month...

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