A Firm That Has Implemented JIT Had the Following Transactions

question 14

Multiple Choice

A firm that has implemented JIT had the following transactions: What will be the entry to record materials placed into production using the backflush approach?

• A) Materials and In Process Inventory 40,000 Work-in-process Inventory 40,000
• B) Materials Inventory 40,000 Accounts Payable 40,000
• C) Work-in-Process Inventory 40,000 Materials and In Process Inventory 40,000
• D) No entry is required

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Definitions:

Divergent Thinking

A thought process used to generate creative ideas by exploring many possible solutions.

Means-end Analysis

A problem-solving technique that involves breaking down a problem into smaller parts and addressing these parts to reach a solution.

Working Backward

A problem-solving strategy where the solver starts from the desired goal and works in reverse order to reach the initial problem state.

Elimination-by-aspects

A decision-making model where choices are sequentially filtered based on specific criteria until one option remains.