Tornado Electronics Manufactures CD Players

question 145

Essay

Tornado Electronics manufactures CD players.All processing is initiated when an order is received.For April there were no beginning inventories.Conversion costs and direct materials are the only manufacturing cost accounts.Direct materials are purchased under a just-in-time system.Journal entries are recorded at three trigger points using backflush costing: purchase of direct materials, completion of finished goods, and sale of product.Variances are offset to cost of goods sold.Additional information is as follows:
Required:
Record all journal entries for the monthly activities related to the above transactions based on backflush costing.

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Definitions:

Behavioral Economists

Researchers who study the psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

Ethical Considerations

Refers to the moral principles and values that govern the actions and decisions in a work environment or study.

Behavioral Economics

An area within economics that investigates the influence of emotional, psychological, cognitive, social, and cultural elements on the economic decision-making of both individuals and institutions.

Tax Burden

The financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.