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High Range produces fleece jackets. The company uses JIT costing for its JIT production system. High Range has two inventory accounts: Raw and In-Process Inventory
High Range produces fleece jackets. The company uses JIT costing for its JIT production system. High Range has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On February 1, 2016, the account balances were Raw and In-Process Inventory, $10,000; Finished Goods Inventory, $2,400. The standard cost of a jacket is $42, composed of $17 direct materials plus $25 conversion costs. Data for February's activities follow
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