Aguas Company produces tables. The following data apply for the month of March: Raw materials purchased 5,300,000 Conversion costs incurred 3,080,000 Number of Finished Goods Manufactured 200,000 Number of units sold 195,000 There were no beginning inventories of materials and no beginning and ending work-in-process. Aguas usesJIT and backflush costing with two trigger points for making entries in its accounting system (purchase of materials and finished goods). Standard cost per unit of table product: Direct Materials, P26; and conversion costs, P15. Required: 2.1. Prepare journal entries for the month of March. Assume no direct materials variance. 2.2. Determine the balance materials and Finished Goods. Note: Please help me answering this questions until 12:00 pm (Philippines time).

Aguas Company produces tables. The following data apply for the month of March: Raw materials purchased 5,300,000 Conversion costs incurred 3,080,000 Number of Finished Goods Manufactured 200,000 Number of units sold 195,000 There were no beginning inventories of materials and no beginning and ending work-in-process. Aguas usesJIT and backflush costing with two trigger points for making entries in its accounting system (purchase of materials and finished goods). Standard cost per unit of table product: Direct Materials, P26; and conversion costs, P15. Required: 2.1. Prepare journal entries for the month of March. Assume no direct materials variance. 2.2. Determine the balance materials and Finished Goods. Note: Please help me answering this questions until 12:00 pm (Philippines time).

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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