A firm that has implemented JIT had the following transactions: Materials were purchased on account for $40,000. Materials were placed into production. Actual direct labor costs were $6,000. Actual overhead costs were $40,000. Conversion costs applied were $42,000. All work was completed for the month. All completed work was sold. The variance is recognized. What will be the entry to record material purchases using the traditional approach

Acontractor was awarded a purchase order for commercial items for $1.5 million under the authority of far subpart 13.5. the purchase order was issued in november 2010 and containedall applicable clauses that were current as of the date of the purchase order. under the purchase order, the contractor is required to comply with a small business subcontracting plan that contains all of the required elements. which of the following is true? a.the contractor must submit a standard form 294, subcontracting report for individual contracts. b.the contractor must submit an individual subcontracting report through the electronic subcontracting reporting system (esrs). c.the contractor may submit either an sf 294 or report its subcontracting through esrs. d.the contractor is not required to submit any subcontracting reports.