Question
The Chiz Manufacturing Company has a cycle time of 2.0 days, uses a Raw and In Process account and charges all conversion cost to COGS.
The Chiz Manufacturing Company has a cycle time of 2.0 days, uses a Raw and In Process account and charges all conversion cost to COGS.
The following is for May, 2020:
RIP beginning, including P12,000 of conversion cost P 40,000
FG beginning, including P8,800 of conversion cost 35,000
Raw materials purchased on credit 230,000
RIP ending, including P15,700 of conversion cost 28,500
FG ending, including P13,100 of conversion cost 19,800
Conversion cost: P180,000 of direct labor and P225,000 of FOH.
Required:
Journalize the given transactions.
Note: Please provide a solution/explanation. Thank you!
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