A Firm That Has Implemented JIT Had the Following Transactions

question 46

Multiple Choice

A firm that has implemented JIT had the following transactions: Which of the following would NOT be an entry under the backflush system, assuming the second trigger point is the completion of goods?

• A) Materials and In Process Inventory 40,000 Accounts Payable 40,000
• B) Work-in-Process Inventory 40,000 Materials Inventory 40,000
• C) Conversion Cost Control 46,000 Wages Payable 6,000 Accounts Payable 40,000
• D) Cost of Goods Sold 82,000 Finished Goods Inventory 82,000

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Definitions:

Malignant

A type of tumor or neoplasm that is invasive and destructive and that tends to metastasize; it is commonly known as cancerous.

Cardiology

A branch of medicine dealing with disorders of the heart and blood vessels.

Ultrasonography

Ultrasonography is a diagnostic imaging technique that uses high-frequency sound waves to create visual images of organs, tissues, or blood flow inside the body.

Blood Vessels

The network of tubes in the body through which blood flows, including arteries, veins, and capillaries.