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Accounting for Decision Making and Control 8th Edition by Jerold Zimmerman
Edition 8ISBN: 978-0078025747Accounting for Decision Making and Control 8th Edition by Jerold Zimmerman
Edition 8ISBN: 978-0078025747 Exercise 22
JLT Chemicals
JLT manufactures a variety of fertilizers for wheat farmers and uses a standard cost system. One of JLT's major inputs to many of its fertilizers is nitrogen, N385-03. JLT started last month with no inventory of N385-03. It purchased 10,000 liters of N385-03 last month at the beginning of the month in one transaction. JLT reported the following results of operations last month with respect to its purchase and use of N385-03:
Required:
Calculate the following parameters that JLT used last month with respect to N385-03:
a. Standard quantity
b. Actual quantity
c. Actual price
d. Standard price
JLT manufactures a variety of fertilizers for wheat farmers and uses a standard cost system. One of JLT's major inputs to many of its fertilizers is nitrogen, N385-03. JLT started last month with no inventory of N385-03. It purchased 10,000 liters of N385-03 last month at the beginning of the month in one transaction. JLT reported the following results of operations last month with respect to its purchase and use of N385-03:
Required: Calculate the following parameters that JLT used last month with respect to N385-03:
a. Standard quantity
b. Actual quantity
c. Actual price
d. Standard price
Explanation
Verified
Verified
Standard cost
Standard cost is the cost...
Accounting for Decision Making and Control 8th Edition by Jerold Zimmerman
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