1. The amount of materials backflushed RIP to finished goods amounted to

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bershka Manufacturing Company uses the Materials and in Process (MIP)
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 are backflushed from MIP account to finished goods
account then ultimately to cost of sales. The following data are available for the
month of June.
DE COBR
28,800
4,080,000
MIP, Jan. 1
Conversion cost debited to various accounts
celse
P251,400
ont ja1
Debited to MIP account during the 6-months
period
Conversion costs applied
MIP account, Dec 31
31,800
232,200
1. The amount of materials backflushed RIP to finished goods amounted to
Enisirsi
bridd-oro at violnsvnt
Transcribed Image Text:Bershka Manufacturing Company uses the Materials and in Process (MIP) 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 are backflushed from MIP account to finished goods account then ultimately to cost of sales. The following data are available for the month of June. DE COBR 28,800 4,080,000 MIP, Jan. 1 Conversion cost debited to various accounts celse P251,400 ont ja1 Debited to MIP account during the 6-months period Conversion costs applied MIP account, Dec 31 31,800 232,200 1. The amount of materials backflushed RIP to finished goods amounted to Enisirsi bridd-oro at violnsvnt
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