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Chrome File Edit View History Bookmarks People Window Help (9@) O 8 70%L. Sat 8:48 PM Q E Do Homework Merci Harden Secure l https://www.mathxl.com/Student/ k.aspx?homeworkld 438498363&questionld-5;&flushed-false;&cld; 4589674&centerw; ACC-202-T1635-17EW1 Merci Harden 9/30/17 8:48 PM Merci og Screen Shot 2016-06...1.09 P 1 Homework: 1-2 MyAccountingLab Homework: Chapters 16 and Savo Score: 0 of 16 pts 5 of 5 (4 complete) Hw Score: 64.92%, 51.94 of 80 pts WirelessDia cs-Co2...511 My P19-42B (similar to) Question Help * 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 February 1, 2016, the account balances were Raw and In-Process Inventory, $12,000; Finished Goods Inventory, $1,600. The standard cost of a jacket is $40, composed of $16 direct materials plus S24 conversion costs. Data for February's activities follow: 3 M (Click the icon to view the data.) Requirements 1. What are the major features of a JIT production system such as that of High Point? 2. Prepare summary journal entries for February. Underallocated or overallocated conversion costs are adjusted to Cost of Gcods Sold monthly. 3. Use a T-account to determine the February 29, 2016, balance of Raw and In-Process Inventory After T Bishop E : 0 ar Requirement 1. What are the major features of a JIT production system such as that of High Point? stubs Choose from any drop-down list and then click Check Answer. Clear All Check Answer remaining Multimedia Library

Explanation / Answer

1. The major features of a JIT production system are:

a)Just-in-time manufacturing keeps stock holding costs to a minimum

b)Just-in-time manufacturing removes expired products

c)Just-in-time production works on a demand-pull basis, so that all products manfactured are sold.

d) just-in-time production system. manfactures High quality products with high efficiency

e)Due to the low inventory of stock holds the return of investment would be high

tell number of jackets completed,sold,direct materials purchased so that i can complete the the following eneteries

title Debit $ Credit $ Raw Material conversion costs Cash Raw and in-process inventory Raw Material conversion costs Cost of goods sold Direct Materials Conversion Costs Cash Sales Cost of goods sold Raw and in-process inventory (under-allocated conversion costs to cost of goods sold)

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