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, 2012, the account balances were Raw and in-process inventory, $7,000: Finished goods inventory, $2, 200. The standard cost of a jacket is $37, comprised of $13 direct materials plus $24 conversion costs. Data for February’s activities follow: What are the major features of a JIT production system such as that of High Point? Prepare summary journal entries for February. Under- or over-allocated conversion costs are closed to Cost of goods sold monthly. Use a T-account to determine the February 29, 2012, balance of Raw and in-process inventory. Show transcribed image text 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, 2012, the account balances were Raw and in-process inventory, $7,000: Finished goods inventory, $2, 200. The standard cost of a jacket is $37, comprised of $13 direct materials plus $24 conversion costs. Data for February’s activities follow: What are the major features of a JIT production system such as that of High Point? Prepare summary journal entries for February. Under- or over-allocated conversion costs are closed to Cost of goods sold monthly. Use a T-account to determine the February 29, 2012, balance of Raw and in-process inventory.
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