Elsa Corporation uses a Raw and in process (RIPI) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. Raw material cost is back flushed from RIPI to Finished goods. The following information is noted for the month of July: Beginning balance of RIP account, incduding P6,500 of conversion cost P 45,000 Raw materials received on credit 465,000 Ending RIP inventory per physical count, exduding P7,200 conversion cost estimate 67,000

Elsa Corporation uses a Raw and in process (RIPI) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. Raw material cost is back flushed from RIPI to Finished goods. The following information is noted for the month of July: Beginning balance of RIP account, incduding P6,500 of conversion cost P 45,000 Raw materials received on credit 465,000 Ending RIP inventory per physical count, exduding P7,200 conversion cost estimate 67,000

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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Similar questions

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Explain the calculation of equivalent units of production.
How do you compute the unit varible cost for an item in manufacturing?
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