Question: Lee Corp. uses JIT system to account for its inventory. During January 2020, Lee produced 600,000 wrappers and sold 596,000. The standard costs for

Lee Corp. uses JIT system to account for its inventory. During January

Lee Corp. uses JIT system to account for its inventory. During January 2020, Lee produced 600,000 wrappers and sold 596,000. The standard costs for each wrapper are as follows: Direct Materials Conversion Costs P4 P8 The company has no beginning inventories. The following transactions during January 2020: 1. Purchased P2,416,000 of direct materials 2. Incurred conversion costs amounting, P4,864,000. 3. Applied P4,800,000 of conversion costs to Raw-in Process Inventory. 4. Finished 600,000 wrappers. 5. Sold 596,000 wrappers for P20. Required: Prepare Journal entries using backflush costing with minimum number of entries.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Sure Ill help you prepare the journal entries using backflush costing with the minimum number of ent... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Using dimensional equations, convert (a) 3 wk to milliseconds. (b) 38.1 ft/s to miles/h (c) 554 m 4 /(day kg) to cm 4 / (min g).

Durham Denim uses backflush costing to account for production costs of its clothing line. During August 2010, the firm produced 150,000 garments and sold 149,000. The standard cost for each garment...

We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...

Miles Jones has been assigned as the audit senior responsible for a new client, Starfire Electric Limited (SEL). The engagement partner, Ms. Rogers, explained that SEL is a reputable private...

Problem 5: Journal Entries Lee Corp. uses JIT system to account for its inventory. During January 2020 , Lee produced 600,000 wrappers and sold 596,000 . The standard costs for each wrapper are as...

A survey of 656 boys and girls, ages 13 to 18 years old, asked about adequate sleep and other health-related behaviors. The recommended amount of sleep is six to eight hours per night. In the survey,...

All companies referred to in this project are publicly reportable enterprises and have a December 31 year end. Unless instructed otherwise, round all calculations to the nearest dollar. You will not...

help a-c It is August 1, 2015, the first business day of the month, and you have just been hired as the accountant for Vision Consulting Inc., which operates with monthly accounting periods. For...

please only answer if you can fully answer a,b,c. Thanks It is March 1, 2015, the first business day of the month, and you have just been hired as the accountant for Holden Corp., which operates with...

Pets Paradise sells pet foods, toys and accessories bought from a number of suppliers who source the goods from local and overseas manufacturers. The goods are sold to several pet shops and...

COMPANY BACKGROUND Pets Paradise sells pet foods, toys and accessories bought from a number of suppliers who source the goods from local and overseas manufacturers. The goods are sold to several pet...

Why cannot the polymerase enzyme add nucleotides to the 5 end (in other words, why cannot it build from 3 to 5?

Required information [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salary of $38,300 in 2019. She is 45 years old and...

The differential equation model for two first-order systems in series is x(t)+ 4x(t)+ 3x(t) = u(t), where u(t) is the input of the first system and x(t) is the output of the second system. The...

A pipe of radius R has a fully developed laminar flow of air at P 0 , T 0 with a velocity profile of V = V c [1 (r/R) 2 ], where V c is the velocity on the center-line and r is the radius, as shown...

In problem proceed as in Example 1 to find a particular solution y p (x) of the given differential equation in the integral form (10). y'' - 16y = f(x)

For the required coal feed rate, scale the results from Problem 14.6 to determine for each scrubber train the actual flow rates (kg/h) of wet solids and filtrate from the filter, the slurry flow...

One year ago, Caffe Vita Coffee Roasting Co. purchased three small-batch coffee roasters for $3.3 million. Now in 2018, the company finds that new roasters that offer significant advantages are...

An LC circuit includes a 0.025F capacitor and a 340H inductor. (a) If the peak capacitor voltage is 190 V, whats the peak inductor current? (b) How long after the voltage peak does the current peak...

What disadvantage is a result of a high degree of managerial moblity between companies?Multiple Choiceleck of loyalty and cormatriert to an induobal corpanyexecutives are not exposed to afferent ways...

Global Tunes Corp. produces J-Pods, music players that can download thousands of songs Global Tunes forecasts that demand in 2014 will be 43,200 J-Pods. The variable production cost of eachJ-Pod is...

Value Gadgets Corp produces J-Pods, music players that can download thousands of songs Value Gadgets forecasts that demand 2020 will be 54,600 J-Pods The variable production cost of each J.Pod is $54...

Proces. The company es costing for its JIT production system High Point has two inventory cons: Raw and in Process Inventory and Finished Goods inventory on March 1, 2018, the account we were and...

can you do the trial balance sheet please Read through the information below for selected transactions during the mon December, 2016 and prepare the required jounal entry to record the transac each...

25. What is the purpose of a buffer on a flowchart? o To develop a need for a non-inventory bottleneck o To create a process in the beginning stages o To creale a dvider in the varous stages of...

just t ledger please Following are selected accounting transactions for the month of December along with certain accounting adjustments necessary for ACME Distribution, Inc. as of December 31, 2021....