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

question 13

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 materials placed into production using the back flush approach?

• A)\(\begin{array}{ll}
• \text { Materials and in Process Inventory } & 50,000 \\
• \text { Work-in-Process Inventory } && 50,000
• \end{array}\)
• B)\(\begin{array}{lll}
• \text { Materials Inventory } & 50,000 & \\
• \text { Accounts Payable } && 50,000
• \end{array}\)
• C)\(\begin{array}{lr}
• \text { Work-in-Process Inventory } & 50,000 \\
• \quad \text { Materials and in Process Inventory } && 50,000
• \end{array}\)
• D)No entry is required

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Definitions:

First Meetings

The initial encounters or engagements between individuals or groups, often aimed at discussing ideas, making introductions, or establishing a relationship.

Statement Approach

A sales technique where the salesperson starts the conversation with a provocative statement or question designed to engage the potential customer immediately.

Demonstration Approach

refers to the sales technique where a product's features and benefits are shown directly to the customer to influence their purchase decision.

Creative Imagery

Creative imagery involves the use of vivid and imaginative visual descriptions to enhance storytelling, promote understanding, or stimulate creative thinking.