Solution-Prepare journal entries for variations of

Prepare journal entries for variations of backllush costing

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Reference no: EM132739066

Backflush CostingFoster Company has implemented a JIT system and is considering the usc of backflush costing. Foster had the following transactions for the first quarter of the current fiscal year. (Conversion cost variances arc recognized quarterly.)

1. Purchased raw materials on account for $400,000.

2. Placed all materials received into production.

3. Incurred actual direct labor costs of $60,000.

4. Incurred actual overhcad costs of $400,000.

5. Applied conversion costs of $470,000.

6. Completed all work for the month.

7. Sold all completed work.

8. Computed the difference betwcen actual and applicd costs.

Required:

Problem 1: Prepare journal entries for Variations 2 and 4 of backllush costing.

Reference no: EM132739066

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Prepare journal entries for variations of backllush costing

Reference no: EM132739066

Reference no: EM132739066

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