A Firm That Has Implemented JIT Had the Following Transactions

question 141

Multiple Choice

A firm that has implemented JIT had the following transactions: What will be the entry to record material purchases using the traditional approach?

• A) Materials and In Process Inventory 40,000 Accounts Payable 40,000
• B) Materials Inventory 40,000 Accounts Payable 40,000
• C) Accounts Payable 40,000 Materials and In Process Inventory 40,000
• D) Accounts Payable 40,000 Materials Inventory 40,000