The Kwanika Co. operates in a just-in-time (JIT) manufacturing environment. During 2011, its first year of operations, Kwanika budgeted for 40,000 hours in the production of 100,000 units in its cell X-22. Material costs were $7 per unit. Cell X-22 conversion costs were budgeted for the year as follows:
During January, material for 8,400 units was purchased on account. There were 8,200 units manufactured and 8,000 were sold shipped to customers for $35 each. Journalize: (a) the material purchases; (b) the application of conversion costs; (c) the transfer from work in process to finished goods; and (d) the sales and associated cost of goods sold for the month of January.
Definitions:
Normally Distributed Populations
Populations that follow a normal distribution, characterized by a bell-shaped curve.
Z-Test Approximation
A statistical test used to determine if there are significant differences between means with known variance and a large sample size.
Two Independent Samples
A statistical method involving the comparison of two groups of data where the samples are collected independently of one another.
Larger Than 10
A description or condition referring to quantities or values that exceed the number 10.
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