
Concept explainers
Time Ticket:
Time ticket is a document that is used by the company is used to show the hours that a worker works during a period.
Materials Ledger Card:
Materials ledger card is a document which is prepared manually as to record the purchase and sale of all the raw materials assigned to the job.
Voucher:
Voucher is a document used to pay for something and to record discounts. It is also used as a medium of exchange of goods and services.
Factory Overhead Account:
Material Requisition:
Material requisition is a source document used to list the items such as raw materials used in production and for manufacturing purposes.
To identify: The correct description for the given terms.

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Chapter 15 Solutions
Loose-Leaf for Financial and Managerial Accounting
- b. Prepare the journal entries to record the standard costing information for November.Note: Record any multiple debits or any multiple credits in alphabetical order by account name1)To record aluminum price variance 2)To record copper price variance 3)To record aluminum quantity variance 4)To record copper quantity variance 5)To record labor variances 6)To record variable overhead variances 7)To record fixed overhead variancearrow_forward4 POINTarrow_forwardOn January 1, 2015, Carlisle Enterprises reports net assets of $920,500, although equipment (with a six-year life) having a book value of $510,000 is worth $590,000 and an unrecorded patent is valued at $52,300. Horizon Corporation pays $845,000 on that date for an 85 percent ownership in Carlisle. If the patent is to be written off over a 12-year period, at what amount should it be reported on the consolidated statements on December 31, 2017?arrow_forward
- what is the total cost of the job when it is completed in October?arrow_forwardJordan Enterprises has inventory days of 52, accounts receivable days of 25, and accounts payable days of 34. What is its cash conversion cycle? A.) 43 days B.) 58 days C.) 65 days D.) 72 daysarrow_forwardThe ending inventory is?arrow_forward
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