Question: Explain the difference between direct material and indirect material. Provide the journal entry (JE) for when $500 of (a) direct material is used in production,

Explain the difference between direct material and indirect material. Provide the journal entry (JE) for when $500 of (a) direct material is used in production, and (b) indirect material is used in production. JE must be in proper format with credits indented. Remember that we do not utilize "$" in the Journals and Ledgers.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. Explain the difference between direct material and indirect material. Provide the journal entries (JES) for when (a) direct material is used in production, and (b) indirect material is used in...

3. Additional information: a. The entity uses a single account for its direct material and indirect materials. Indirect material is one fourth of the total materials used b. The indirect labor is if?...

An entity employs normal costing for its production. The following data are provided during the year: Net purchases of raw materials during the year P500,000 Total labor costs during the year 800,000...

QUESTION 51 1. MLB, Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the MLB, Inc. for the year...

QUESTION 1 Match the correct answer to the question. Each option may be used more than once. When would Cost of Goods Sold be debited? When would Manufacturing Overhead be debited? When would...

eBook Printem The actual overhead for a company is 562,546Overhead was based on 5,000 direct labor hours and was $2.545 underapplied for the A. What is the overhead application rate per direct labor...

10 - Price and Cost Management Q1. Chapter 10 Price: Explain the difference between direct and indirect cost & variable and fixed cost. Q2. Chapter 11 Cost management: Explain what are the major...

Rieb Inc has provided the following data for the month of September. There were no beginning inventories, consequently, the direct materials, direct labor, and manufacturing overhead applied listed...

these are some basic accounting question but i dont know how to do it Question 1: Support department cost allocation; plantwide versus departmental overhead rates; product costing; cost drivers:...

Identify four reasons why an employer might appeal an unemployment compensation charge.

The formula to compute the direct labor rate variance is to calculate the difference between a. Actual costs + (Actual hours x Standard rate) b. Actual costs - Standard cost c. (Actual hours x...

The premium on a pound put option is $ . 0 4 per unit. The exercise price is $ 1 . 6 0 . The break - even point is for the buyer of the put, and for the seller of the put. ( Assume zero transactions...

What are some of the potential benefits and risks of traditional medicine / CIH practices? Why do you think these practices and products have maintained their popularity in the developing countries...

In interviewing a prospective employee, why should you consider it important to inquire about the presence of information gaps or time periods that are not accounted for in an applicants work record?

Can you make use of personal information in rendering an employment decision if the information was voluntarily provided to you? Why or why not?

Why should an interviewing manager review all available information about an applicant before beginning an interview? Managers are busy people. Is arriving for an interview with an application in...