Kaminski,Inc.has adopted a JIT management system and has the following transactions in December:
Dec 3 Purchased raw materials on account, $80,000
Dec 8 Incurred labor and overhead costs, $105,000. Wages were not paid.
Dec 15 Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs
Dec 23 Sold 650 units for $395 each on account. The company uses the perpetual inventory system. Record the journal entries for Kaminski,Inc.for December.Omit explanations.

Question

Kaminski,Inc.has adopted a JIT management system and has the following transactions in December:
 Dec 3 Purchased raw materials on account, $80,000
Dec 8 Incurred labor and overhead costs, $105,000. Wages were not paid.
Dec 15 Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs
Dec 23 Sold 650 units for $395 each on account. The company uses the perpetual inventory system. Record the journal entries for Kaminski,Inc.for December.Omit explanations.

Quizplus · Accepted Answer

The Answer of Kaminski,Inc.has adopted a JIT management system and has the following transactions in December:
 Dec 3 Purchased raw materials on account, $80,000
Dec 8 Incurred labor and overhead costs, $105,000. Wages were not paid.
Dec 15 Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs
Dec 23 Sold 650 units for $395 each on account. The company uses the perpetual inventory system. Record the journal entries for Kaminski,Inc.for December.Omit explanations.