A firm that has implemented JIT had the following transactions: 1.Materials were purchased on account for $40,000.2.Materials were placed into production.3.Actual direct labor costs were $6,000.4.Actual overhead costs were $40,000.5.Conversion costs applied were $42,000.6.All work was completed for the month.7.All completed work was sold.8.The variance is recognized.
A firm that has implemented JIT had the following
transactions:
1.Materials were purchased on account for $40,000.2.Materials were placed into production.3.Actual direct labor costs were $6,000.4.Actual overhead costs were $40,000.5.Conversion costs applied were $42,000.6.All work was completed for the month.7.All completed work was sold.8.The variance is recognized.
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