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

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