The Following Transactions Take Place After the Implementation of JIT

Multiple Choice

The following transactions take place after the implementation of JIT:
1) Materials were purchased on account for $75,000.
2) Materials were placed into production.
3) Actual direct labor costs were $16,000.
4) Actual overhead costs were $30,000.
5) Conversion costs applied were $52,000.
6) All work was completed for the month.
7) All completed work was sold.
8) The variance is recognized.
Which of the following would NOT be an entry under the backflush system, assuming the second trigger point is the completion of goods?

A) Materials and In Process Inventory 75,000
Accounts Payable 75,000
B) Work-in-Process Inventory 75,000
Materials Inventory 75,000
C) Conversion Cost Control 46,000
Wages Payable 16,000
Accounts Payable 30,000
D) Cost of Goods Sold 102,000
Finished Goods Inventory 102,000