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Assume that a company makes only one product and uses a standard costing system. The standard cost card for that product shows a standard quantity
Assume that a company makes only one product and uses a standard costing system. The standard cost card for that product shows a standard quantity of 4 pounds of direct materials allowed per unit at a standard price of $6.00 per pound. In a recent period, the company purchased 19,000 pounds of direct material from its supplier at a cost of $5.80 per pound. It started and completed 5,000 units of production during the period. Based on this information, the total increases recorded in the Raw Materials account would be:
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