Chrome File Edit View History Bookmarks Profiles Tab Window Help G 100% Q 8 @ Sun Feb 25 8:57 PM P Chapter M:4 Quiz x C chegg.com/homework-help/q x Homework Help - Q&A from ( X C 2% mylab.pearson.com/Student/PlayerTest.aspx?testld=259048475 Spring 2024 Principles of ACCT II (ACCT-2302-01W) Ashton Crump 02/25/24 8:57 PM =Quiz: Chapter M:4 Quiz Question 2 of 2 > This quiz: 2 point(s) possible This question: 1 point(s) possible Submit quiz kit K 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 Question list Inventory. On March 1, the account balances were Raw and In-Process Inventory, $11,000; Finished Goods Inventory, $1,800. The standard cost of a jacket is $31, composed of $11 direct materials plus $20 conversion costs. Data for March's activities follow: (Click the icon to view the data.) Question 1 Read the requirements. O Question 2 Requirement 1. What are the major features of a JIT production system such as that of High 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 Debit Credit Mar. 2024 Submit quiz 25 w itvChrome File Edit View History Bookmarks Profiles Tab Window Help G 100% Q 8 @ Sun Feb 25 8:57 PM P Chapter M:4 Quiz x C chegg.com/homework-help/q x Homework Help - Q&A from ( X C 2% mylab.pearson.com/Student/PlayerTest.aspx?testld=259048475 Spring 2024 Principles of ACCT II (ACCT-2302-01W) Ashton Crump 02/25/24 8:57 PM =Quiz: Chapter M:4 Quiz Question 2 of 2 > This quiz: 2 point(s) possible This question: 1 point(s) possible Submit quiz kit K 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 Question list Inventory. On March 1, the account balances were Raw and In-Process Inventory, $11,000; Finished Goods Inventory, $1,800. The standard cost of a jacket is $31, composed of $11 direct materials plus $20 conversion costs. Data for March's activities follow: (Click the icon to view the data.) Question 1 Read the requirements. O Question 2 Requirement 1. What are the major features of a JIT production system such as that of High 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 Debit Credit Mar. 2024 Submit quiz 25 w itv. . 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. Questlon ||st | On March 1, the account balances were Raw and In-Process Inventory, $11,000; Finished Goods Inventory, $1,800. The standard cost of a jacket is $31, composed of $11 direct materials plus $20 conversion costs. Data for March's activities follow: EHH (Click the icon to view the data.) @ Question 1 Read the requirements. O Question 2 Requirement 1. What are the major features of a JIT production system such as that of High 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 Debit Credit Mar. 2024 Journalize the actual conversion costs incurred. Date Accounts || Debit Credit Mar. 2024 B o 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. QueStlon ||St | On March 1, the account balances were Raw and In-Process Inventory, $11,000; Finished Goods Inventory, $1,800. The standard cost of a jacket is $31, composed of $11 direct materials plus $20 conversion costs. Data for March's activities follow: B (Click the icon to view the data.) Question 1 Read the requirements. O Question 2 i ! Journalize the completed production. Date Accounts Debit Credit Mar. 2024 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. 2024 Journalize the cost of sales for March. Date Accounts Debit Credit Mar. 2024 Journalize the entry to adjust the Conversion Costs account. ftn A nawie e Journalize the entry to adjust the Conversion Costs account. Date Accounts Debit Credit Mar. 2024 Requirement 3. Use a T-account to determine the March 31, 2024, 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. Raw and In-Process InventoryRequirement 1. What are the major features of a JIT production system such as that of High Point? 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 are grouped according to function Production activities arranged in self-contained work cells Products produced in large batches Products produced in small batches Short setup times '~ 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 Debit Credit Mar. 2024 Accounts Payable EECUEESUN Accounts Receivable Date j Debit Credit Conversion Costs _ Mar. 2024 Cost of Goods Sold Finished Goods Inventory Journalize the R@w and In-Process Inventory Date l Sales Revenue Debit Credit Mar. 2024 Wages Payable, Accumulated Depreciation, etc. Requirements 1. What are the major features of a JIT production system such as that of High Point? 2. Prepare summary journal entries for March. Underallocated or overallocated conversion costs are adjusted to Cost of Goods Sold monthly. 3. Use a T-account to determine the March 31, 2024, balance of Raw and In-Process Inventory. D 2D Data table Number of jackets completed 21,000 Number of jackets sold (on account, for $65 each) 20,600 Direct materials purchased (on account) $ 221,000 Conversion costs incurred $ 515,000 G 2B