Activity-Based Costing: Activity-based costing is the method to analyze the each activity according to the specified costs. The cost of the activity is defined on the basis of the products and services are consumed by them. Just-in-time Inventory: The innovation that reduced the cost of inventory very effectively, just-in-time inventory system is based on the concept to buy or manufacture the goods just at time of sale. Balanced Scorecard Approach: The trade-off between innovations and cost effectiveness is called balanced scorecard approach. Sometimes managers focus too much on innovations that result in extra costs or wastes of business funds. So to avoid that situation the balanced scorecard approached is implemented. Value Chain: Set of steps that business organization considers to hand over the finished product to individual customer is called as value chain analysis. To Identify: The option, best suitable to the description.

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Chapter 19, Problem 19.18E

To determine

Activity-Based Costing: Activity-based costing is the method to analyze the each activity according to the specified costs. The cost of the activity is defined on the basis of the products and services are consumed by them.

Just-in-time Inventory: The innovation that reduced the cost of inventory very effectively, just-in-time inventory system is based on the concept to buy or manufacture the goods just at time of sale.

Balanced Scorecard Approach: The trade-off between innovations and cost effectiveness is called balanced scorecard approach. Sometimes managers focus too much on innovations that result in extra costs or wastes of business funds. So to avoid that situation the balanced scorecard approached is implemented.

Value Chain: Set of steps that business organization considers to hand over the finished product to individual customer is called as value chain analysis.

To Identify: The option, best suitable to the description.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume another customer has returned a pair of duck boots (original cost $109) to L.L. Bean. What journal entry would L.L. Bean make to process the return and refund the original purchase price to the customer?