I need help finishing the journal entires for February
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:
Homework: 1-2 MyAccountingLab Homework: Chapters 16 and 19 Save Score: 6.56 of 16 pts 5 of 5 (5 complete) HW Score: 76.66%, 61.33 of 80 pts P19-42B (similar to) Ea Question Help 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 S38, composed of $18 direct materials plus S20 conversion costs, Data for Februarys activities follow: EEE (Cick the icon to view the data.) Requirements 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 3. Use a T-account to determine the February 29, 2016, balance of Raw and In-Process Inventory. 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 Cred Raw and In-Process Inventory 373.000 Feb. 2016 Data Table Accounts Payable 373,000 Number of jackets completed 21,000 Journalize the actual conversion costs incurred. Number of jackets sold (on account, for $100 each) 20,600 Date Accounts Debi Cred Direct materials purchased (on account) 373.000 Conversion costs incurred 510,000 Conversion Costs 510,000 Feb. 2016 Wages Payable, Accumulated Depreciation, et 510,000 Print Done Journalize the completed production. Cred Date Accounts Debi 8.000 Finished Goods Inventory Feb. 2016 Raw and In-Process Inventory 378,000 Conversion Costs 420,000 Journalize the sales on account. (Do not record the costs related to the February sales. We will do this inthe following step.) Date Accounts Deb Cred Accounts Receivable Feb. 2016 Choose from any list or enter any number in the input fields and then click Check Answer 3 parts remaining Clear Al Check Answe Homework: 1-2 MyAccountingLab Homework: Chapters 16 and 19 Save Score: 6.56 of 16 pts 5 of 5 (5 complete) HW Score: 76.66%, 61.33 of 80 pts P19-42B (similar to) Ea Question Help 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 S38, composed of $18 direct materials plus S20 conversion costs, Data for Februarys activities follow: EEE (Cick the icon to view the data.) Requirements 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 3. Use a T-account to determine the February 29, 2016, balance of Raw and In-Process Inventory. 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 Cred Raw and In-Process Inventory 373.000 Feb. 2016 Data Table Accounts Payable 373,000 Number of jackets completed 21,000 Journalize the actual conversion costs incurred. Number of jackets sold (on account, for $100 each) 20,600 Date Accounts Debi Cred Direct materials purchased (on account) 373.000 Conversion costs incurred 510,000 Conversion Costs 510,000 Feb. 2016 Wages Payable, Accumulated Depreciation, et 510,000 Print Done Journalize the completed production. Cred Date Accounts Debi 8.000 Finished Goods Inventory Feb. 2016 Raw and In-Process Inventory 378,000 Conversion Costs 420,000 Journalize the sales on account. (Do not record the costs related to the February sales. We will do this inthe following step.) Date Accounts Deb Cred Accounts Receivable Feb. 2016 Choose from any list or enter any number in the input fields and then click Check Answer 3 parts remaining Clear Al Check Answe
