Question
Old MathJax webview 8.The Swiss Manufacturing Company uses raw and in process (RIP) inventory account. At the end of each month, all inventories are counted,
8.The Swiss Manufacturing Company uses raw and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion costs components are estimated, and inventory account balances are adjusted accordingly. Raw materials cost is backflushed from RIP account to finished goods account. The following data is for the month of August: Beginning balance of RIP account including Conversion costs of 4,800 = P38,700; Raw materials purchased = 680,000; Ending balance of RIP account including Conversion costs of 5,300= 41,900; Conversion Cost Allocated = 190,000.Determine the amount of direct materials to be backflushed to finished goods are:
9. Refer to no. 8, Determine the amount of conversion costs included in cost of goods sold.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started