Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client. To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

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Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

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Fairfield Company's payroll costs for the most recent month are summarized here: Item Hourly labor unges Description 920 hours $27 per hour 190 hours for Job 101 340 hours for Job 102 Factory supervision Production engineer Factory Janitorial work Selling, general, and administrative salaries Total payroll costs Required: 390 hours for Job 103 Total Cost $ 5,130 9,180 10,530 $ 24,840 4,350 7,100 1,200 8,800 $ 46,298 1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead to production. The company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet A B Record Fairfield Company's payroll costs to be paid at a later date. Note Enter debits before credits. S.No Date 1 Account Title Debit Credit

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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: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?

Answer 2

Question

Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

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Answer 3

Question

Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

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Answer 4

Question

Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

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Answer 5

Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

Answer 6

Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

Answer 7

Chapter 4, Problem 20Q

(a)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Philosophy and approach of just-in-time processing and (b) major elements of just-in-time processing.

Answer 8

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

Answer 9

(b)

To determine

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Under what conditions is direct labor a valid...Ch. 4 - What has happened in recent industrial history to...Ch. 4 - In an automated manufacturing environment, what...Ch. 4 - What is generally true about overhead allocation...Ch. 4 - What are the principal differences between...Ch. 4 - What is the formula for computing activity-based...Ch. 4 - What steps are involved in developing an activity-...Ch. 4 - Prob. 8Q Ch. 4 - What is an activity cost pool?Ch. 4 - Prob. 10Q

Solution Summary: The author explains the philosophy and approach of just-in-time processing and the importance of multi-skilled workforce.

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.

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Chapter 4 Solutions

Solution Summary: The author explains the philosophy and approach of just-in-time processing and the importance of multi-skilled workforce.

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client. To explain: Major elements of just-in-time processing.

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Chapter 4 Solutions

Just-in-Time (JIT) Processing: Just-in-time processing refers to produce the goods when required, that is not to hold the excess amount of goods. In the JIT processing, manufacturing process started when order is received from the client.

To explain: Major elements of just-in-time processing.