Five material requisitions (MR) forms were received by the materials storeroom of the Greencastle, Inc. during the first week of September. MR101 was for $210 of direct materials for job number 1501. MR102 was for $340 of direct materials for job number 1502. MR103 was for $110 of indirect materials issued to the factory floor. MR 104 was for $390 of direct materials issued to job number 1501. MR105 was for $590 of direct materials issued to job number 1503. Prepare summary journal entries to record the issuance of these materials. (Hint: There should be a separate journal entry for direct and indirect materials.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answerblank(1); fixed interval; blank(2) fixed ratio;

answerblank(1) negatively.blank(2); rises; blank(3) falls;