problem solving:

Stillwater manufacturing has a cycle time of less than a day, uses a Raw and In Process (RIP) account and expenses 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 accordingly. Raw Materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P6,900 of conversion Cost P42,600 FG beginning, including P17,000 of conversion cost 45,000 Raw Materials purchased on credit 356,000 RIP end, including P4,500 of conversion cost estimate 22,500 FG end, including P5,000 of conversion cost estimate 16,500 Required: Prepare all journal entries that involve the RIP account and/or finished goods account