A Firm That Has Implemented JIT Had the Following Transactions

question 19

Multiple Choice

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

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Definitions:

Strategic Plans

Long-term roadmaps designed by organizations to align their resources and actions with mission, vision, and strategic goals.

Organizational Pyramid

A hierarchical structure within an organization that illustrates the arrangement of its management and employees.

Goals And Objectives

Goals and objectives are specific, measurable aims that guide the actions and decisions of individuals or organizations towards achieving desired outcomes.

Immediate Goal

An objective or target that is intended to be achieved in the very near future, serving as a stepping stone towards longer-term aspirations.