Low Point produces Beecejackets. The company es JIT costing for its JT production system. Low Point has two inventory accounts Raw and in Process Inventory and Fished Goods Inventory On March 1, 2018, the account balances were Raw and In Process Inventory $11,000 Finished Goods Inventory $1,500. The standard cost of a jackets 345, composed of 516 direct materials plus $29 conversion costs Data for March's activities follow Click the icon to view the data) Read the requirements Requirement 1. What are the major features of a JIT production system such as that of Low Point? 0 Data Table Requirement 2. Prepare summary journal and first, then credits Exclude explanations from of Goods Sold monthly (Record debits Number of jackets completed Number of jackets sold (on account, for 555 each) Direct materials purchased (on account) Conversion costs incurred 18,000 17,600 $ 280,500 $ 63000 Joumalize the purchase of raw materials Date Mar 2018 Done Joumalize the actual conversion costs incurred. Date Accounts Debt Credit Choose from any store any number in the input this and then continue to the next question ere to search jacket is $45, composed of 516 direct materials plus $29 conversion costs. Data for March's activities follow (Click the icon to view the data.) Read the requirements Requirement 1. What are the major features of a JIT production system such as that of Low Point? Requirement 2. Prepare summary journal entries for March 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 Debat Credit Mar 2018 Journalize the actual conversion costs incurred Date Accounts Credit Mar 2011 Choose from any list or enter any number in the input belds and then con to the next question Type here to search e 9 . @ jacket is 345, composed of Sib diled matendis plus $29 CUIVUSTOITLUSES. UN TU MUUD LUMU JUL Click the icon to view the data.) Read the requirements Joumalize the actual conversion costs incurred. Date Accounts Debit Credit Mar. 2018 Joumalize the completed production Date Accounts Debit Credit Mar 2018 Journalize the sales on account. (Do not record the costs related to the March sales. We will do this in the following step.) Date Accounts Debit Credit Mar 2018 Choose from any list or enter any number in the input Selds and then continue to the next question se to search 4 of 4 (0 complete) This Question: 25 pts Low Point produces fleece jackets. The company uses JIT costing for its JIT production system. Low Point has two inventory accounts: Finished Goods Inventory. On March 1, 2018, the account balances were Raw and In-Process Inventory, $11,000: Finished Goods Inven jacket is $45, composed of $16 direct materials plus 529 conversion costs. Data for March's activities follow Click the icon to view the data) Read the requirements Joumalize the sales on account. (Do not record the costs related to the March sales. We will do this in the following step.) Date Accounts Debit Credit Mar 2018 Joumalize the cost of sales for March Debit Credit Mar, 2018 Journalize the entry to adjust the Conversion Costs account Credit Ma 2018 Choose from any to enter any number in the inputtelds and then continue to the next question me here to search Journalize the entry to adjust the Conversion Costs account Accounts Credit Mar 2018 Requirement 3. Use a T-account to determine the March 31, 2018, balance of Raw and In Process Inventory. Enter the beginning balance "Bal" on the first line of the T-account. Use the appropriate posting references to post the March transactions for the month, and then calculate and enter the ending balance "Bal" of the T-account Rwand In-Process Invent Choose from any list or enter any number in the input fields and then continue to the next question to search
