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. A. What is the journal entry to record the purchase of direct materials on the account? B. What is the journal entry to record the use of direct materials in production? Milford Inc. has a debt-to-equity ratio of 0.80. It has total shareholders' equity of $2.5 million and current liabilities of $750,000. How much long-term debt is outstanding? A. $2,375,000 B. $2,100,000 C. $3,125,000 D. $1,250,000

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. A. What is the journal entry to record the purchase of direct materials on the account? B. What is the journal entry to record the use of direct materials in production? Milford Inc. has a debt-to-equity ratio of 0.80. It has total shareholders' equity of $2.5 million and current liabilities of $750,000. How much long-term debt is outstanding? A. $2,375,000 B. $2,100,000 C. $3,125,000 D. $1,250,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter7: Variable Costing For Management analysis

Section: Chapter Questions

Problem 2CMA: Chassen Company, a cracker and cookie manufacturer, has the following unit costs for the month of...

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