Blair Corporation has adopted a JIT management system and has the following transactions in March:
Mar 5 Incurred labor and overhead costs, $ \$ 95,000 $
Mar 31 Completed 650 units with standard costs of $ \$ 94 $ for direct materials and $ \$ 128 $ for conversion costs
Open a T-account for Conversion Costs.Post appropriate entries to determine the amount of underallocated or overallocated overhead.Record the adjusting entry.

Question

Blair Corporation has adopted a JIT management system and has the following transactions in March:
 Mar 5 Incurred labor and overhead costs, $ \$ 95,000 $
Mar 31 Completed 650 units with standard costs of $ \$ 94 $ for direct materials and $ \$ 128 $ for conversion costs
 Open a T-account for Conversion Costs.Post appropriate entries to determine the amount of underallocated or overallocated overhead.Record the adjusting entry.

Quizplus · Accepted Answer

The Answer of Blair Corporation has adopted a JIT management system and has the following transactions in March:
 Mar 5 Incurred labor and overhead costs, $ \$ 95,000 $
Mar 31 Completed 650 units with standard costs of $ \$ 94 $ for direct materials and $ \$ 128 $ for conversion costs
 Open a T-account for Conversion Costs.Post appropriate entries to determine the amount of underallocated or overallocated overhead.Record the adjusting entry.

Blair Corporation Has Adopted a JIT Management System and Has $95,000 \$ 95,000 $95,000

Blair Corporation Has Adopted a JIT Management System and Has $\$ 95,000$