Question : 11) What five features of a just-in-time manufacturing system? Objective : 1217090

 

11) What are five features of a just-in-time manufacturing system?

 

Objective 20.7

 

1) Traditional normal and standard costing systems use:

A) backflush costing

B) delayed costing

C) post-deduct costing

D) sequential tracking

 

2) A costing system that omits recording some or all of the journal entries relating to the cycle from purchase of direct materials to the sale of finished goods is called:

A) dependent costing

B) synchronous costing

C) sequential costing

D) backflush costing

Answer the following questions using the information below:

 

Games R Us manufactures various games. For March, there were no beginning inventories of direct materials and no beginning or ending work in process. Conversion costs is the only indirect manufacturing cost category currently used. Journal entries are recorded when materials are purchased and when conversion costs are allocated under backflush costing.

 

Conversion costs ? March$ 400,000

Direct materials purchased ? March$1,070,000

Units produced ? March58,800

Units sold ? March41,800

 

3) Which of the following journal entries properly records the purchase of direct materials?

A) Accounts Payable Control1,070,000

Inventory: Raw and In-Process Control1,070,000

B) Inventory: Raw and In-Process Control1,070,000

Accounts Payable Control1,070,000

C) Inventory: Raw and In-Process Control1,070,000

Conversion Costs1,070,000

D) Conversion Costs1,070,000

Inventory: Raw and In-Process Control1,070,000

 

4) Which of the journal entries properly records conversion costs?

A) Conversion Costs400,000

Various Accounts400,000

B) Various Accounts400,000

Conversion Costs400,000

C) Conversion Costs400,000

Inventory: Direct Materials400,000

D) Inventory: Direct Materials400,000

Conversion Costs400,000

5) Which of the following entries properly records the cost of goods sold for the month?

A) Finished Goods1,045,000

Work in Process1,045,000

B) Cost of Goods Sold1,045,000

Finished Goods1,045,000

C) Finished Goods1,045,000

Cost of Goods Sold1,045,000

D) Cost of Goods Sold1,045,000

Work in Process1,045,000

 

Answer the following questions using the information below:

 

Complete Digital Products manufactures digital cameras. For October, there were no beginning inventories of direct materials and no beginning or ending work in process. Conversion costs is the only indirect manufacturing cost category currently used. Journal entries are recorded when materials are purchased and when units are sold.

 

Conversion costs – October$ 45,200

Direct materials purchased – October$125,200

Units produced – October40,000 units

Units sold – October37,500 units

Selling price$10 each

 

6) Which of the following journal entries properly reflects the purchase of materials in a JIT environment?

A) Inventory: Raw and In-Process125,200

Accounts Payable Control125,200

B) Accounts Payable Control125,200

Allocated Costs: Direct Materials125,200

C) Accounts Payable Control125,200

Materials Inventory125,200

D) Allocated Costs: Direct Materials125,200

Inventory: Raw and Material125,200

7) Which of the following journal entries would be recorded when units are sold for the month?

A) Cost of Goods Sold159,750

Inventory: Raw and In-Process159,750

B) Cost of Goods Sold159,750

Inventory: Raw and In-Process117,375

Conversion Costs Allocated42,375

C) Inventory: Raw and In-Process117,375

     Conversion Costs Allocated42,375

Cost of Goods Sold159,750

D) Cost of Goods Sold159,750

Inventory: Raw and In-Process114,750

Conversion Costs Allocated45,000

B) Direct materials ($125,200/40,000)$3.13

Conversion costs ($45,200/40,000)1.13

Total$4.26

37,500 × $4.26= $159,750

37,500× $3.13= $117,375

37,500 × $1.13= $42,375

8) Which of the following entries would occur if the only trigger point is the production of finished units?

A) Cost of Goods Sold159,750

Inventory: Raw and In-Process Control114,750

Conversion Costs Allocated45,000

B) Inventory: Raw and In-Process Control117,375

    Conversion Costs Allocated42,375

Cost of Goods Sold159,750

C) Finished Goods170,400

Accounts Payable Control125,200

Conversion Costs Allocated45,200

D) Accounts Payable Control125,200

Conversion Costs Allocated45,200

Finished Goods170,400

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more