12. Hinghol Company has a cycle time of 3 days, uses a Materials and In process (MIP) account, and charges all conversion costs to Cost of Goods Sold, At the end of month, all inventories are counted , their conversion costs are estimated, and inventory account balances are adjusted. Raw material cost is back-flushed from MIP to Finished Goods. The following information is for June: Beginning balancer of MIP account including P3,000 Conversion cost P29,250 Beginning balance of Finished goods account, including P10,000 of Conversion cost 30,000 Raw materials received on credit 562,500 Ending MIP Inventory per physical count, including P4,500 of CC 32,000 Ending finished goods inventory per physical count, including P8,750 of Conversion 26,250 cost The raw material cost of units completed in June is: Group of answer choices a. P26,250 c. P562,500 b. P561,250 d. P27,500

12. Hinghol Company has a cycle time of 3 days, uses a Materials and In process (MIP) account, and charges all conversion costs to Cost of Goods Sold, At the end of month, all inventories are counted , their conversion costs are estimated, and inventory account balances are adjusted. Raw material cost is back-flushed from MIP to Finished Goods. The following information is for June: Beginning balancer of MIP account including P3,000 Conversion cost P29,250 Beginning balance of Finished goods account, including P10,000 of Conversion cost 30,000 Raw materials received on credit 562,500 Ending MIP Inventory per physical count, including P4,500 of CC 32,000 Ending finished goods inventory per physical count, including P8,750 of Conversion 26,250 cost The raw material cost of units completed in June is: Group of answer choices a. P26,250 c. P562,500 b. P561,250 d. P27,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?
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