Calculation of Materials and Conversion Cost Components of RIP in Backflushing. use the source data in the previous exercise. LO7

(1) Calculate the materials cost of the RIP ending inventory.

(2) Calculate the conversion cost component of the RIP ending inventory. Provide three different answers using the three results from requirement 2 of the previous exercise.

(3) Using the results of requirements 1 and 2, calculate the lowest and highest of the three amounts that might be reported for the total cost of the RIP ending inventory. Calculate the dollar amount of the differ¬ ence between the lowest and highest answers. Express the difference as a percent of the lowest answer, rounded to the nearest tenth of a percent.