B. G. Bello, a general manager of a highly automated coffee production plant in Laguna, has provided the following information for transactions that occurred during October. The production plant uses a JIT costing system. a. Raw materials costing P300,000 were purchased. b. All materials purchased were requisitioned for production. c. Direct labor costs of P200,000 were incurred. d. Actual factory overhead costs amounted to P995,000. e. Applied conversion costs totaled P1,300,000. This includes the direct labor cost. f. All units are completed and immediately sold. Compute for the following: _7. Amount to be debited to the Raw and in Process account in (a) 8. Amount to be backflushed from RIP to FG account (include materials and conversion cost) 9. What is the balance of the Cost of Goods Sold Account? No adjustments made for under/over applied overhead _10. Under / (Over) applied conversion cost 11. How much is the Cost of Goods Sold after all transactions-adjustments have been completed?

B. G. Bello, a general manager of a highly automated coffee production plant in Laguna, has provided the following information for transactions that occurred during October. The production plant uses a JIT costing system. a. Raw materials costing P300,000 were purchased. b. All materials purchased were requisitioned for production. c. Direct labor costs of P200,000 were incurred. d. Actual factory overhead costs amounted to P995,000. e. Applied conversion costs totaled P1,300,000. This includes the direct labor cost. f. All units are completed and immediately sold. Compute for the following: _7. Amount to be debited to the Raw and in Process account in (a) 8. Amount to be backflushed from RIP to FG account (include materials and conversion cost) 9. What is the balance of the Cost of Goods Sold Account? No adjustments made for under/over applied overhead _10. Under / (Over) applied conversion cost 11. How much is the Cost of Goods Sold after all transactions-adjustments have been completed?

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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