Johnson Production Company Uses Just-In-Time Production and Accounting Methods

question 54

Essay

Johnson Production Company uses just-in-time production and accounting methods. On June 1, Johnson sold 200 units of product for $12.00 per unit. Each unit included $8.00 of direct materials cost and $2.00 of conversion costs. Johnson recorded the revenues of $2,400 in one entry, and then recorded the cost of goods sold in a second entry. Please provide the journal entry to record the cost of goods sold.

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Definitions:

Financial Concepts

Fundamental categories and principles that form the basis for financial analysis, planning, and decision-making.

Control the Message

A strategy employed in communication and public relations to influence how a particular message is perceived by the audience.

Mobile Communication

A form of communication that occurs over mobile devices, such as smartphones and tablets, allowing users to share information across distances without being physically connected.

Oral Medium

A means of communication through spoken words, including face-to-face conversations, lectures, radio broadcasts, and oral presentations.