Lucky Manufacturing Company uses a Raw and in Process account and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion costs are estimated and inventory accounts are adjusted. The following information is available for the month of August. Beg. Balance of RIP, including Raw Materials of P84,000 Beg. Balance FG, including Raw Materials of P64,000 Raw materials purchased on account Ending balance of RIP, including Raw Materials of P88,000 P93,600 96,000 1,776,000 101,600 77,600 950,000 Conversion costs added to production

Lucky Manufacturing Company uses a Raw and in Process account and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion costs are estimated and inventory accounts are adjusted. The following information is available for the month of August. Beg. Balance of RIP, including Raw Materials of P84,000 Beg. Balance FG, including Raw Materials of P64,000 Raw materials purchased on account Ending balance of RIP, including Raw Materials of P88,000 P93,600 96,000 1,776,000 101,600 77,600 950,000 Conversion costs added to production

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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