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problem 1: Prepare the j entries for traditional and backflush costing. For backflush costing, suppose there are two trigger points:

a) The purchase of raw materials and
b) The completion of goods.

problem 2: Suppose the second trigger point in Requirement 1 is the sale of goods. What would change for the backflush costing journal entries?

problem 3: What if there is only one trigger point and it is (a) completion of goods or (b) sale of goods? How would the backflush costing journal entries distinct from Requirment 1 for (a) and (b)?

Hepworth Company has implemented a JIT system and is considering the utilization of backflush costing. Hepworth had the given transactions for the current fiscal year:

a) Purchased raw materials on account for $600 000.

b) Placed all the materials received into production.

c) Incurred actual direct labor costs of $90000.

d) Incurred actual overhead costs of $625 000.

e) Applied conversion cost of $675000.

f) Completed all the work for month.

g) Sold all the completed work.

h) find outd the difference between actual and applied costs.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91761

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