A firm uses backflush costing to assign product costs to inventory and values inventory using throughput accounting. All actual amounts are equal to budgeted amounts. The firm has no variable overhead. Total DM $1,500 Total DL $500 Total Fixed OH $300 Total complete & in process 10,000 units Ending raw materials $0 The firm has 35 units in finished goods inventory and 25 units in process. Which journal entry appropriately backflushes costs to inventory accounts? O Debit: RIP $5 Debit: Finished Goods $7 Credit: COGS $12 O Debit: COGS $12 Credit: RIP $5 Credit: Finished Goods $7 O Debit: RIP $3.75 Debit: Finished Goods $5.25 Credit: COGS $9 O Debit: COGS $9 Credit: RIP $3.75 Credit: Finished Goods $5.25

A firm uses backflush costing to assign product costs to inventory and values inventory using throughput accounting. All actual amounts are equal to budgeted amounts. The firm has no variable overhead. Total DM $1,500 Total DL $500 Total Fixed OH $300 Total complete & in process 10,000 units Ending raw materials $0 The firm has 35 units in finished goods inventory and 25 units in process. Which journal entry appropriately backflushes costs to inventory accounts? O Debit: RIP $5 Debit: Finished Goods $7 Credit: COGS $12 O Debit: COGS $12 Credit: RIP $5 Credit: Finished Goods $7 O Debit: RIP $3.75 Debit: Finished Goods $5.25 Credit: COGS $9 O Debit: COGS $9 Credit: RIP $3.75 Credit: Finished Goods $5.25

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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1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
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