21 *REUSABLE PROBLEM* What is the amount of materials to be backflushed from RIPI to Finished Goods Inventory? * (2 Points) San Jose Fire Corp. uses Raw and In Process Inventory (RIPI) account and expensed all conversion cost to the Cost of Goods Sold account. 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 backflushed from RIPI to Finished Goods Inventory and to Cost of Goods Sold. The following information is available for the month of June, 2021: Beginning RIPI account including 1,500 of conversion cost Raw materials received on credit Ending RIPI account per physical count, including P 1,200 conversion cost Conversion Cost Finished Goods Inventory, beg. including P10,000 of conversion cost Finished Goods Inventory, end, including P8,000 of conversion cost P 35,000 360,000 39,000 500,000 80,000 65,000 P365,400 P354,500 P342,500 P355,700 22 Information on Zillie Company's direct-material costs is as follows: Standard unit price P 3.60 1,600 Actual quantity purchased Standard quantity allowed for actual production 1,450 Materials purchase price variance,favorable P 240 If material quantity variance is P180 UF, how many units were issued to production? * (2 Points) 1500 units 1400 units 1650 units 1550 units 23 *REUSABLE PROBLEM* Majesty Co. What is the cost per equivalent unit for material using weighted average? * (2 Points) The following information is available for Majesty Co. for the current year: Costs of Beginning Work in Process: Beginning Work in Process (75% complete) 14,500 units Started 75,000 units Material Conversion Ending Work in Process Current Costs: (60% complete) 16,000 units Material Abnormal spoilage 2,500 units Conversion Normal spoilage (continuous) 5,000 units Transferred out 66,000 units P25,100 50,000 P120,000 300,000 All materials are added at the start of production. The inspection happens at the end of the process. P2.07 P1.72 P1.62 P1.77 24 If Shine Marie allocates joint costs using relative market value at split off point, how much from the joint cost will be allocated to Lola? * (2 Points) The following products are being produced in a single process. Shine Marie Company incurred a total cost of P360,000 up to split off point. Products Units Loli 1,000 Lola 2,000 Lala 3,000 P80,000 P250,000 P79,200 P110,000 Final Sales Value Additional Processing Costs Disposal Cost P70,000 P25,000 P12,400 200,000 80,000 10,000 450,000 75,000 17,600 25 * Hunhun Company's annual production cost is depicted is the equation, Y= P150,000 + P5x. If a total of 3,750 units were produced for the first quarter, how much is the total cost incurred? * (2 Points) P168,750 P56,250 P112,500 P68,750