Question: MN plc uses a JIT system and backflush accounting. It does not use a raw material stock control account. During April 1000 units were produced

MN plc uses a JIT system and backflush accounting. It does not use a raw material stock control account.
During April 1000 units were produced and sold. The standard cost per unit is £100: this includes materials of £45. During April £60 000 of conversion costs were incurred.
The debit balance on the cost of goods sold account for April was:
(a) £90,000
(b) £95,000
(c) £105,000
(d) £110,000
(e) £11,500

Step by Step Solution

★★★★★

3.48 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

b 95 000 Explanation Because the total cost of goods sold for April was 100 000 1000 units x 1... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Management Cost Accounting Questions!

Stratton Manufacturing Company uses a standard cost accounting system. In 2011, the company produced 28,000 units. Each unit took several pounds of direct materials and 1 standard hours of direct...

Quality Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $ 2 for direct materials and $ 3 for conversion costs. Last month, Quality recorded the...

HoDown Hats makes felt cowboy hats with leather trim that sell for $70 each. Each hat requires three-fourths of a yard of felt and 24 inches of leather. Felt costs $3 per yard; leather costs $15 per...

Intermediate. MN plc uses a JIT system and backflush accounting. It does not use a raw material stock control account. During April 1000 units were produced and sold. The standard cost per unit is...

Twin Ltd . uses JIT and back flush accounting. It does not use a raw material stock control account. During September 2 0 2 1 , 1 0 0 0 0 units were produced and sold. The standard cost per unit is `...

Question 1 the current extent (current assets isolated by current liabilities) and the entirety of working capital (current assets less current liabilities) were discussed. Are there additional...

Analyze this article and provide your summary in no more than 500 words. COSTS Measure Costs Right: Make the Right Decisions by Robin Cooper and Robert S. Kaplan From the September 1988 Issue anagers...

I have three assignments that I need your help with. Please provide answers to study guide on answer sheet. Thank you in advance. FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E17-17 Compute...

I noticed the following questions have already been asked, you can prob use the existing questions and answers and send them to me. Would that work? 1. (Points: 1) The cash budget must be prepared...

1. The cash budget must be prepared before you can complete the: a. production budget. b. budgeted balance sheet. c. raw materials purchases budget. d. schedule of cash disbursements. 2. Which of the...

Daihatsu Company manufacture automobile cars in world. Annual Estimated factory overhead of a company for an expected volume of 1,80,000 pounds of a product was as follows: Fixed overhead $36,000...

What are some company-wide team-based pay plans?

2 The internal rate of return is the discount rate that yields an NPV of zero. 0 0 . 4 4 - 1 5 True or False 2 of 9 Neat

=+ d. What is the solution to the market failure in Case #1? Has the program been successful?

PQR Limited is an engineering company engaged in the manufacture of components and finished products. The company is highly mechanized and each of the components and finished products requires the...

Ltd manufactures a range of products which are sold to a limited number of wholesale outlets. Four of these products are manufactured in a particular department on common equipment. No other...

The verbal part of the Graduate Record Exam (GRE) has a mean (/) of 500 and standard deviation (o) of 100. Use the normal distribution to answer the following questions: a. If we wanted to select...

state the null and alternative hypotheses by selecting the appropriate symbolH1:H0: A dietitian wishes to see if a person's cholesterol level will be changed if the diet is supplemented by a certain...

Answer appropriately. 2. Find the probability distribution for flipping 4 coins, looking at the number of heads. Then, find the following: (a) Find the mean of the probability distribution (b) Find...