In a Just-In-Time Environment Using Backflush Costing,the Entry to Record

question 43

Multiple Choice

In a just-in-time environment using backflush costing,the entry to record the use of materials for the month's production is debit __________ and credit __________.

• A)Work in Process Inventory;Materials Inventory
• B)Cost of Goods Sold;Finished Goods Inventory
• C)Conversion Costs;Accounts Payable
• D)No entry

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Definitions:

Exchange Rate

The value of one currency for the purpose of conversion to another currency.

Depreciate

To decrease in financial value over time, particularly in reference to assets like vehicles or machinery.

Supply

The total amount of a specific good or service available for purchase at any given price in a market.

Carry Trade

A financial strategy that involves borrowing at a low-interest rate and investing in an asset that provides a higher return.