High Point produces fleece jackets. The company uses JIT costing for its JIT production system. High...

 

 

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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. 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.) Read the requirements. 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 Mar. 2024 Accounts Debit Credit 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. 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.) Read the requirements. 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 entry to adjust the Conversion Costs account. Date Mar. 2024 Accounts Debit Credit 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 Inventory 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. 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.) Read the requirements. 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 Mar. 2024 Accounts Debit Credit 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. 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.) Read the requirements. 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 entry to adjust the Conversion Costs account. Date Mar. 2024 Accounts Debit Credit 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 Inventory