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Deep Freeze produces fleecejackets. The company uses JIT costing for its JIT production system Deep Freeze has two inventory accounts Raw and In Process Inventory and Finished Goods Inventory On March 1, 2018, the account balances were Raw and In Process Inventory, 512.000 Finished Goods Inventory, $2,400. The standard cost of a jacket is $34. composed of 514 direct materials plus 520 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 Deep Freeze? Broad employee roles Products produced in small batches Close coordination with suppliers to ensure on time delivery of defect free material Production activities arranged in self-contained work cells ersion costs are closed to Cost of Goods Sold monthly Record debits first, then credits Exclude explanations from journal Credit Broad employee roles Close coordination with suppliers to ensure on time delivery of defect-free material Large stock of finished goods Long setup times Machines we grouped according to function Production activities aanged in se contained work calls Products produced in Berge batches Products produced in small batches Short Shop times 10 stion Type here to search > 814 AM AB40 7/21/2020 quirement 2. Prepare summary journal entries for March Under allocated or overallocated conversion costs are dosed to Cost of Goods Sold monthly Record debits first, then credits Exclude explanations from journal Deb Credit analize the purchase of raw materials Date Accounts ar 2018 Raw and In-Process Inventory Accounts Payable 193500 193500 malize the actual conversion costs incurred Credit Accounts ar 2018 Conversion Costs Wades Pavable. Accumulated Depreciation etc Debit 381000 381000 The Deep ompany uses cosung ducuon system. Deep Freeze has two inventory accounts: Raw and account balances were Raw and In Process Inventory, 512,000, Finished Goods Inventory, $2,400. The standard cost of a jacket is $34. composed of 5 (Click the icon to view the data.) Read the requirements Journalize the completed production Date Accounts Debit Credit Mar. 2018 476000 Finished Goods Inventory Raw and In-Process Inventory 196000 280000 Conversion Costs 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 612000 Accounts Receivable Sales Revenue 612000 Choose from any list or enter any number in the input felds and then continue to the next question Type here to search has two inventory accounts: Raw Inventory. $12,000, Finished Goods Inventory, $2,400. The standard cost of a jacket is $34, composed (Click the icon to view the data.) Read the requirements Journalize the cost of sales for March Date Accounts Debit Credit Mar, 2018 Journalize the entry to adjust the Conversion Costs account Date Accounts Debit Credit Mar. 2018 Choose from any list or enter any number in the input fields and then continue to the next question Type here to search hp Read the requirements 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 mor Raw and In Process Inventory Choose from any list or enter any number in the input fields and then continue to the next question dia * Type here to search Deep Freeze produces fleecejackets. The company uses JIT costing for its JIT production system Deep Freeze has two inventory accounts Raw and In Process Inventory and Finished Goods Inventory On March 1, 2018, the account balances were Raw and In Process Inventory, 512.000 Finished Goods Inventory, $2,400. The standard cost of a jacket is $34. composed of 514 direct materials plus 520 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 Deep Freeze? Broad employee roles Products produced in small batches Close coordination with suppliers to ensure on time delivery of defect free material Production activities arranged in self-contained work cells ersion costs are closed to Cost of Goods Sold monthly Record debits first, then credits Exclude explanations from journal Credit Broad employee roles Close coordination with suppliers to ensure on time delivery of defect-free material Large stock of finished goods Long setup times Machines we grouped according to function Production activities aanged in se contained work calls Products produced in Berge batches Products produced in small batches Short Shop times 10 stion Type here to search > 814 AM AB40 7/21/2020 quirement 2. Prepare summary journal entries for March Under allocated or overallocated conversion costs are dosed to Cost of Goods Sold monthly Record debits first, then credits Exclude explanations from journal Deb Credit analize the purchase of raw materials Date Accounts ar 2018 Raw and In-Process Inventory Accounts Payable 193500 193500 malize the actual conversion costs incurred Credit Accounts ar 2018 Conversion Costs Wades Pavable. Accumulated Depreciation etc Debit 381000 381000 The Deep ompany uses cosung ducuon system. Deep Freeze has two inventory accounts: Raw and account balances were Raw and In Process Inventory, 512,000, Finished Goods Inventory, $2,400. The standard cost of a jacket is $34. composed of 5 (Click the icon to view the data.) Read the requirements Journalize the completed production Date Accounts Debit Credit Mar. 2018 476000 Finished Goods Inventory Raw and In-Process Inventory 196000 280000 Conversion Costs 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 612000 Accounts Receivable Sales Revenue 612000 Choose from any list or enter any number in the input felds and then continue to the next question Type here to search has two inventory accounts: Raw Inventory. $12,000, Finished Goods Inventory, $2,400. The standard cost of a jacket is $34, composed (Click the icon to view the data.) Read the requirements Journalize the cost of sales for March Date Accounts Debit Credit Mar, 2018 Journalize the entry to adjust the Conversion Costs account Date Accounts Debit Credit Mar. 2018 Choose from any list or enter any number in the input fields and then continue to the next question Type here to search hp Read the requirements 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 mor Raw and In Process Inventory Choose from any list or enter any number in the input fields and then continue to the next question dia * Type here to search
