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JIT journal entries Cosmo Industries recorded the following transactions for its first month of operations: ( 1 ) Direct Material Inventory. Accounts Payable. . .

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JIT journal entries Cosmo Industries recorded the following transactions for its first month of operations:
(1) Direct Material Inventory.
Accounts Payable.
............................................
To record purchase of direct material
(2) Work in Process Inventory .
Direct Material Inventory. q,24,000
To record distribution of material to production
(3) Conversion Cost Control q, Various accounts q,...... cdots .......40,00040,00024,00024,000
To record incurrence of con Work in Process Inventory q,
q,(4) Work in Process Inventory ...40,000 Conversion Cost Control q, To assign conversion cost to WIP
40,000
40,000
24,000q,
q,
q,64,000
Work in Process Inventory 64,000
To record completion of products
(6) Accounts Receivable q, Sales. q,
q,116,000
(5) Finished G Work To record (6) Accounts Sales
To record sale of products
116,000
Cost of Goods Sold ...q,62,000
Finished Goods Inventory. q,62,000
To record cost of goods sold
Because Cosmo employs JIT, the company's CEO has asked how the accounting system could be simplified.
a. Prepare the journal entries, assuming that no transactions are recognized until goods are completed.
b. Prepare the journal entries, assuming that goods are shipped to customers as soon as they ar completed and that no journal entries are recorded until goods are completed.
c. Prepare the journal entries, assuming that sale of product is the trigger point for journal entries
d. Prepare the journal entries, assuming that sale of product is the trigger point for journal entrie and that the firm uses backflush costing.
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