Cubsville Manufacturing has a cycle time of less than a day, uses a raw and in process (RIP) account, and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted accordingly. Raw material cost is back flushed from RIP to Finished Goods. The following information is for May:

Required:
Prepare all journal entries that involve the RIP account and/or the finished goods account.

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Beginning balance of RIP account, including $2,300 of conversion cos21,300 Beginning balance of finished goods account, including $6,500 of 22,500 456,000 22,100 15,000 Ending RIP inventory per physical count, including $2,100 conversion cost estimate Ending finished goods inventory per physical count, including $5,000