Problem - Chiz Manufacturing Company The Chiz Manufacturing Company has a cycle time of 2.0 days, uses a Raw and In Process account (RIP) and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated and inventory account balances are adjusted. Raw materials cost is backflushed from RIP to Finished Goods. The following is for the month of May. RIP beginning, including P12,000 of conversion cost FG beginning, including P8,800 of conversion cost Raw Materials purchased on credit RIP End, including P15,700 of conversion cost FG end, including P13,100 of conversion cost 10 COST ACCOUNTING-JUST-IN-TIME AND BACKFLUSH ACCOUNTING