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*2,00,000 6,25,000 5,95,000 Concept Illustration: B Ltd uses a Backflush Costing System with three trigger points, viz. - (1) Purchase of Direct Materials, (2) Completion of Finished Units of product, and (3) Sale of Finished Goods. There are no beginning inventories. Data for a month is - Direct Materials Purchases *4,40,000 Conversion Costs Allocated Direct Materials Used 4,25,000 Cost transferred to Finished Goods Conversion Costs incurred 2,11,000 Cost of Goods Sold Required: 1. Prepare Journal Entries for the month (without disposing off under-allocated or over-allocated Conversion Costs). Assume there are no Direct Materials Variances. 2. Under an ideal JIT Production System, how would the amounts in your Journal Entries differ from the Journal Entries requirement in Question 1 above? RTP Journal Entries Dr (3) Concept Illustration: Je following independent situations are given in JIT Systems of Production. You are required to state if each recommendation N 13 in valid or invalid and give a brief reason. Situation Recommendation by the Cost Accountant No. A Company produces LCD TVs. Presently total Inventory Turnover is measured annually Compute Inventory Turnover every month. Break it down into Raw Material, WIP, expensive Inventory and Finished Goods. (i) Textile Company Accept Employees' Claim for Piece Rate Incentive for exceeding a certain Production Volume. Closely monitor Direct Labour Variances including Idle Time Variances to convince employees to work faster. Monitor the Average Set Up Time per Machine in a period which is given by Aggregate Set Up Time of all Machines - Total number of Machines. Yiii) Sports Goods manufacturing Company Yiv) Multiproduct Production nhou for Fxplanations] urement Concept Illustration: M Ltd, a Manufacturing Company, is going to implement JIT system. You are required to state with reasons whether the llowing recommendations are valid or invalid: M 18 Introduction of Piece Rate System of payment of wages to workers. It has been decided to introduce Kanban Card and Machine Cells together in order to reduce the defective products. 1) Use of highly automated and costly machines to the full capacity. Employ those workers who can operate and maintain single machine so that the work can be done effectively. Into Sustem leads to incentives to produce more