Kaminski, Inc $\$ 105,000$ Wages Were Not Paid $\$ 106$ For Direct Materials And

question 16

Essay

Kaminski, Inc. has adopted a JIT management system and has the following transactions in December:
Dec 3 Purchased raw materials on account, \$BQ,000
Dec B Incured labor and overhead costs, $\$ 105,000$ . Wages were not paid.
Dec 15 Completed 750 units with standard costs of $\$ 106$ for direct materials and $\$ 165$ for conversion costs
Dec 23 Sold 650 units for $\$ 395$ each on account. The company uses the perpetual inventory system. Record the journal entries for Kaminski, Inc. for December. Omit explanations.

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Definitions:

Circadian Rhythm

A natural, internal process that regulates the sleep-wake cycle and repeats on each rotation of the Earth roughly every 24 hours.

Biological Process

Complex interactions among molecules, cells, and organisms that fulfill essential life functions.

Day

The period of 24 hours from one midnight to the next, or the part of this period when it is light and which is distinguished from night.

SRY Gene

A gene on the Y chromosome responsible for initiating male sex determination in humans and most other mammals.