A Firm That Has Implemented JIT Had the Following Transactions

Multiple Choice

A firm that has implemented JIT had the following transactions: What will be the entry to record material purchases using the backflush approach?

A) Materials and In Process Inventory 40,000 Accounts Payable 40,000
B) Materials Inventory 40,000 Accounts Payable 40,000
C) Accounts Payable 40,000 Materials and In Process Inventory 40,000
D) Accounts Payable 40,000 Materials Inventory 40,000