Final answer:
The journal entry for purchasing $25,484 of raw materials would affect the inventory and accounts payable or cash account. For the self-check problem, the firm's accounting profit is calculated by subtracting total costs from sales revenue, resulting in an accounting profit of $50,000.
Step-by-step explanation:
The journal entry for the purchase of raw materials with a value of $25,484 would typically involve debiting the inventory account and crediting the accounts payable or cash, depending on whether the purchase was made on credit or paid for in cash immediately.
To calculate the accounting profit, you would subtract all costs from the sales revenue. Given the provided details, the firm had total costs of $950,000 ($600,000 for labor, $150,000 for capital, and $200,000 on materials) subtracted from the sales revenue of $1 million.
Calculation of Accounting Profit:
Accounting Profit = Sales Revenue - Total Costs
Accounting Profit = $1,000,000 - ($600,000 + $150,000 + $200,000)
Accounting Profit = $1,000,000 - $950,000
Accounting Profit = $50,000