A Firm That Has Implemented JIT Had the Following Transactions

question 57

Essay

A firm that has implemented JIT had the following transactions: 1. Materals were purchased an account for $60,000
2. Materials were placed inta production.
3. Actual direct labour costs were $14,000.
4. Actual averhead costs were $50,000.
5. Conversion costs applied were $54,000.
6. All work was completed for the month.
7. All completed work was sald.
8. The variance is recoprized.
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 sold.

• 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 sold.

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Definitions:

IT Managers

Professionals responsible for overseeing and managing information technology projects and resources within an organization.

Data Transfer Rate

The speed at which data is transmitted from one device to another, measured in bits per second (bps), impacting the efficiency of data communication over networks.

Throughput

The actual speed of data transfer that’s achieved. It’s usually less than the data transfer rate.

Benchmark

A standard or point of reference against which things may be compared or assessed, often used in performance testing of computer hardware or software.