Cetaphil Manufacturing Company uses a Raw and in Process (RIP) inventory account and charged to cost of sales all conversion costs. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. backflushed from RIP to Finished goods. The following information is noted for Raw materials is the current month. • Beginning balance of RIP account, including P1,400 conversion costs, P31,200 • Raw materials purchased on account, P367,000 Ending RIP inventory including P1,800 conversion cost, P33,000. 12. Give the final entry to adjust the accounts to their correct balances.

Cetaphil Manufacturing Company uses a Raw and in Process (RIP) inventory account and charged to cost of sales all conversion costs. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. backflushed from RIP to Finished goods. The following information is noted for Raw materials is the current month. • Beginning balance of RIP account, including P1,400 conversion costs, P31,200 • Raw materials purchased on account, P367,000 Ending RIP inventory including P1,800 conversion cost, P33,000. 12. Give the final entry to adjust the accounts to their correct balances.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6PA: Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in...

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