A Firm That Has Implemented JIT Had the Following Transactions $\begin{array}{llr} \text {Materials and In Process Inventory } &50,000\\ \text {Work-in-Process Inventory } &&50,000\\\end{array}$

question 93

Multiple Choice

A firm that has implemented JIT had the following transactions:
1. Materals were purchased an account for $50,000
2. Materials were placed inta production.
3. Actual direct labour costs were $16,000.
4. Actual averhead costs were $30,000.
5. Conversion costs applied were $52,000.
6. All work was completed for the month.
7. All completed work was sald.
8. The variance is recoprized.
-Refer to the figure.What will be the entry to record material placed into production using the traditional approach?

• A)\(\begin{array}{llr}
• \text {Materials and In Process Inventory } &50,000\\
• \text {Work-in-Process Inventory } &&50,000\\
• \end{array}\)
• B)\(\begin{array}{lll}
• \text { Materials Inventory } & 50,000 & \\
• \text { Accounts Payable } && 50,000
• \end{array}\)
• C)\(\begin{array}{lr}
• \text { Work-in-Process Inventory } & 50,000 \\
• \text { Materials and In Process Inventory } & &50,000
• \end{array}\)
• D)\(\begin{array}{ll}
• \text { Work-in-Process Inventory } & 50,000 \\
• \text { Materials Inventory } && 50,000
• \end{array}\)

Recognize the implications of mergers, acquisitions, and other corporate strategies on human resources.

Appreciate the role of teamwork in enhancing job significance and organizational efficiency.

Understand the changing requirements for recruitment due to shifts toward cognitive and interpersonal skills in the workforce.

Understand the reasons for and implications of various HRM practices such as outsourcing, offshoring, and reengineering.

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Definitions:

Ill-Defined Problems

Problems that lack clear goals, solution paths, or expected solutions, making them challenging to solve.

Problem-Solving Expertise

Advanced level of skill or knowledge in devising and implementing solutions to complex problems.

Structural Similarity

A measure used to assess the similarity between two or more structures, often used in image processing and analysis.

Analogy

A comparison between two different things, highlighting similarities for the purpose of explanation or clarification.