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)\(\begin{array}{ll}
• \text { Work-in-Process Inventory } & 50,000 \\
• \text { Materials Inventory } && 50,000
• \end{array}\)

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