Direct Materials 6.9 liters $5.00/literDirect Labor .3 hours $17/hourThe company reported the following results concerning this product in January. Actual Output 8,400 unitsActual Direct Labor Hours Worked 2,310 hoursActual Price of Raw Materials $4.90/literActual Direct Labor Rate $17.10/hourPurchases of Raw Materials 62,500 litersThere was no beginning inventory of materials; however, at the end of the month, 4,170 liters of direct material remained in ending inventory.1. Compute the direct materials price variance

The legal form of business ownership that is owned by many people is called a

On january 1, jackson, inc.'s work-process inventory account showed a balance of $ 66,500. during the year, materials requisitioned for use in production amounted to $ 70,500, of which $ 67,700 represented direct materials. factory wages for the period were $ 210,000 of which $ 187,000 were for direct labor. manufacturing overhead is allocated on the basis of 60% of direct labor cost. actual overhead was $ 116,050. jobs costing $ 353,060 were completed during the year. the december 31 balance in work-process inventory is

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?