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Accounting for Job Order Costing - Direct Materials
Direct materials
(i) Dr Stores ledger control Account Cr Cash Account - for cash purchasers X
(ii) Dr Stores ledger control Account Cr Creditors Account - for credit purchasers X
(b) Return of materials to suppliers
Dr Cash Account or creditors control Account X
Cr Stores ledger control Account X
(c) Issue of materials from the store
Dr - W.I.P. Control Account X
Cr stores ledger control Account for direct materials. X
Indirect materials: Dr Factory overheads control Account X
Amy earns $35,000 working part time. Consequently, she is not eligible to participate in her employer's retirement plan or health insurance program. Amy's expenses are summarized a
Changes in Variable Cost and Selling Price per Unit The contribution sales ratio is affected by any change in variable cost or selling price per unit. This ratio is a mea
Vary the force by hiring layoffs. No over time.
What are the major arguments for absorption costing?
Direct Materials Total Variance Direct materials total variances refer to the difference between the standard direct material cost of the actual production volume and the actu
Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization. Costs can functionally be clas
A firm operates two plants with the marginal cost curves given by MC 1 = 50 + 2Q 1 , MC 2 = 90 + Q 2 . If the firm's total output must be 80 units, how much will it produce a
Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid b
The government of a small South Pacific island is considering whether to allow development of a small but valuable deposit of phosphate rock. Not having the resources to develop an
Direct material yield variance (MYV) : It has been described by the ICMA, London, as 'the variation between the standard yield of the actual material input and the actual yi
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