Caprice,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 $
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
Record the journal entries for Caprice,Inc.for December.

Question

Caprice,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 $
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
 Record the journal entries for Caprice,Inc.for December.

Quizplus · Accepted Answer

The Answer of Caprice,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 $
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
 Record the journal entries for Caprice,Inc.for December.

Caprice,Inc $80,000 \$ 80,000 $80,000 Dec 8 Incurred Labor and Overhead Costs

Caprice,Inc $\$ 80,000$ Dec 8 Incurred Labor and Overhead Costs