Harrison's Limited uses backflush costing on a direct costing basis. At the beginning of May, the firm has $0 in all inventory accounts. Actual and budgeted costs are the same. The firm has no direct labor or overhead costs.

On May 5, Harrison Limited purchases 100 units of raw materials for $5,000. It uses 90 units of these raw materials, leaving $500 of raw materials in the warehouse at the end of May.

The total number of units completed and in process is 200, and 20 of those units are still in process.

If you searched for the RIP account balance on May 15 and then again on June 15, what would the searches show?

Group of answer choices

May 15: $0.00 balance June 15: $450 balance

May 15: $0.00 balance June 15: $950 balance

May 15: $950 balance June 15: $950 balance

May 15: $450 balance June 15: $450 balance