A Firm That Has Implemented JIT Had the Following Transactions $\$ 50,000$

question 42

Essay

A firm that has implemented JIT had the following transactions: 1. Materials were purchased on account for $\$ 50,000$ .
2. Materials were placed into production.
3. Actual direct labour costs were $\$ 10,000$ .
4. Actual overhead costs were $\$ 40,000$ .
5. Conversion costs applied were $\$ 34,000$ .
6. All work was completed for the month.
7. All completed work was sold.
8. The variance is recognized.
A)Provide the journal entries for the above transactions assuming the traditional approach was used.
B)Provide the journal entries for a back flush system assuming the second trigger point is the point when goods are completed.

• A)Provide the journal entries for the above transactions assuming the traditional approach was used.
• B)Provide the journal entries for a back flush system assuming the second trigger point is the point when goods are completed.

Grasp the concept of alcohol as a "dirty" compound and its effects on neurotransmitters.

Acknowledge the global prevalence and trends of alcohol consumption.

Recognize the impact of prohibition and the social perspective towards alcohol.

Understand the concept of the sick role and its obligations.

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Definitions:

Trochlear Notch

A depression on the proximal end of the ulna that articulates with the trochlea of the humerus, aiding in elbow joint movement.

Greater Tubercle

A large, bony prominence on the lateral portion of the humerus (upper arm bone), to which several shoulder muscles attach.

Olecranon

The bony prominence of the elbow, found at the upper end of the ulna, where it forms part of the elbow joint.

Appendicular Skeleton

The portion of the skeleton that includes the bones of the upper and lower limbs, and the girdles (shoulder and pelvic) that connect them to the axial skeleton.