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San Diego State University Operations And Supply Chain Management Assignment Help - Inventory

Question - The Lahn Company produces and sells a single product. Standards have been established for the product as follows: Direct materials: 5 pounds @ $3.50 per pound = $17.50 Direct labor: 3 hours @ $5.50 per hour = $16.50 Actual cost and usage figures for the past month follow: Units Produced 750 Direct Materials Used 4,000 Direct Materials Purchased(4500 lbs) $14,400 lbs Direct Labor Cost(2,000 hrs) $11,200 Prepare journal entries to record: A)The purchase of raw materials. (Click to select)Materials quantity varianceMaterials price varianceAccounts receivableAccounts payableRaw materials inventoryLabor rate varianceLabor efficiency varianceWork in process (Click to select)Materials price varianceLabor efficiency varianceLabo ...Read More

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