7. Lally, Inc., produces universal remote controls. Lally uses a JIT costing system. One of the company’s products has a standard direct materials cost of $7 per unit and a standard conversion cost of $26 per unit. During January 2011, Lally produced 575 units and sold 570. It purchased $6,800 of direct materials and incurred actual conversion costs totaling $14,000.
Students succeed in their courses by connecting and communicating with an expert until they receive help on their questions
Consult our trusted tutors.