Problem 2 (18 Points): Complete Microfilm Products manufactures microfilm cameras. For October, there were no...
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Accounting
Problem 2 (18 Points): Complete Microfilm Products manufactures microfilm cameras. For October, there were no beginning inventories of direct materials and no beginning or ending work in process. Conversion costs is the only indirect manufacturing cost category currently used. Journal entries are recorded when materials are purchased and when units are sold Conversion costs - October $90,400 Direct materials purchased - October $250,400 Units produced - October Units sold - October 75,000 units Selling price $10 each 80,000 units a) Record the journal entry that correctly reflects the purchase of materials in a JIT environment. b) What journal entry would be recorded when units are sold for the month? ) What journal entry would be recorded if the only trigger point is the production of finished units
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