Part IV. 38,700 The Cleaners Manufacturing Corp. uses a Raw and In Process (RIP) inventory account and expensed all conversion costs 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 RIP to finished goods. The following information is for May: Raw and In Process, May 1 Raw and In Process, May 31 Raw materials purchased Conversion costs incurred Conversion costs allocated Finished goods, May 1 Finished goods, May 31 41,900 680,000 4,800 5,300 12,000 10,000