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:

Quantity

The amount or number of a material or immaterial good or service.

iPads

A brand of tablet computers designed and marketed by Apple Inc., known for their touch screen interface and mobile operating system.

Supply Analysis

The examination of factors that influence the quantity of a product or service that the market can offer at various prices.

Equilibrium Price

The cost point where the amount of a product sought by buyers matches the amount made available by sellers, leading to a state of equilibrium in the market.