Satellite Access Corporation Manufactures Set-Top Boxes for High Definition TVs

question 21

Essay

Satellite Access Corporation manufactures set-top boxes for high definition TVs.All processing is initiated when an order is received.For March 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.Backflush costing is used with a finished goods trigger point.Additional information is as follows:
$$\begin{array} { | l | l | } \hline \text { Actual conversion costs } & \$ 870000 \\\hline \text { Standard materials costs per unit } & \$ 115 \\\hline \text { Standard conversion cost per unit } & \$ 85 \\\hline \text { Units produced } & 11850 \\\hline \text { Units sold } & 11200 \\\hline\end{array}$$
Required:
Record all journal entries for the monthly activities related to the above transactions if backflush costing is used.
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Definitions:

SEC Rule 144

A regulation set by the Securities and Exchange Commission that outlines conditions under which restricted, unregistered, and control securities can be sold or offered for sale.

1934 Act

The Securities Exchange Act of 1934, which governs the trading of securities in the United States, including the secondary market.

Reporting Requirements

Obligations set by regulatory bodies that necessitate organizations to submit specific data within designated timeframes.

Registration Statement

A set of documents filed with a regulatory authority for the purpose of registering a new security for sale to the public.