Appendix: Prepare JIT costing journal entries (Learning Objective 6) Hamilton Products uses a JIT system to manufacture

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Appendix: Prepare JIT costing journal entries (Learning Objective 6)

Hamilton Products uses a JIT system to manufacture trading pins for the 2008 Olympic Games in Beijing, China. The standard cost per pin is $2 for raw materials and $3 for conversion costs. Last month, Hamilton Products recorded the following data:

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Use JIT costing to prepare journal entries for the month, including the entry to close the Conversion Cost account.

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Managerial Accounting

ISBN: 9780138129712

1st Edition

Authors: Linda Smith Bamber, Karen Wilken Braun, Jr. Harrison, Walter T.

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Question Posted: Jun 06, 2024 01:19 AM

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Appendix: Prepare JIT costing journal entries (Learning Objective 6) Hamilton Products uses a JIT system to manufacture

Question:

Number of pins completed.... 4,000 pins Number of pins sold............. 3,500 pins Raw material purchases... Conversion costs. $ 8,800 $12,660

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Managerial Accounting

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