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I need help filling in the blanks on the last journal entry High Point produces fleece jackets. The company uses JIT costing for its JIT
I need help filling in the blanks on the last journal entry
High Point produces fleece jackets. The company uses JIT costing for its JIT production system. High Point 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,$12,000; Finished Goods Inventory, $2,500. The standard cost of a jacket is$38, composed of $18 direct materials plus $20 conversion costs. Data for February's activities follow:
1, 2016. produces fleece jackets. The company uses JIT costing for its JIT production system. has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inve ntory. On February the accou Finished Goods Inventory, S2,500. The standard cost of a jacket is S38, composed of S18 direct materials plus S2 on costs. Data for February's activities follow: balances were Raw and In- Process Inventory, S12,000; (Click the icon to view the data.) uirements 1. What are the major features of a JIT production system such as that of High Point? 2. Prepare summary journal entries for February. Underallocated or overallocated conversion costs are adjusted to Cost of Goods Sold monthly. Use a Taccount to determine the February 29, 2016, balance of Raw and In-Process Inventory. Requirement 1. What are the major features of a JIT production system such as that of High Point? Production activities arranged in self-contained work cells Short setup times Broad employee roles Products produced in small batches Close coordination with suppliers to ensure on-time delivery of defect-free material Requirement 2. Prepare summary journal entries for February. Underallocated or overallocated conversion costs are closed to Cost of Goods Sold monthly. (Record debits first, then credits. Exclude explanations from journal entries Journalize the purchase of raw materials. Date Accounts Debi Credit Feb. 2016 Raw and In-Process Inventory 373,000 Accounts Payable 373,000 Data Table Journalize the actual conversion costs incurred. Date Accounts Debi Credit Number of jackets completed 21,000 Number of jackets sold (on account, for $100 each) 610,000 20,600 Feb. 2016 Conversion Costs Direct materials purchased (on account 373,000 Wages Payable, Accumulated Depreciation, etc. 510,000 Conversion costs incurred 510,000 Print Done Journalize the completed production. Date Accounts Debi Credit Feb. 2016 Finished Goods Inventory Raw and In-Process Inventory Conversion Costs Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts Clear A Check Answer remaining
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