GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charg all conversion costs to cost of goods sold. At the end of each month, all inventories are counte conversion costs components are estimated, and inventory account balances are adjusted. Ra material cost is backflushed from the raw materials and in process account to the finished goc account. The following information is provided for the month of December: Beginning Balance of RIP account, including P5,000 conversion cost Beginning Balance of finished goods account, including P8,000 conversion cost Raw materials received on credit Direct labor cost 15,0 20.0 500,0 350,0 Factory overhead applied Ending RIP inventory per physical count, including P9,000 conversion col Ending finished goods inventory per physical count, including P4,000 conversion cost 450,0 30,0 11,0 a. 494,000 b. 800,000 c. 1,285,000 d. 1,294,000

GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charg all conversion costs to cost of goods sold. At the end of each month, all inventories are counte conversion costs components are estimated, and inventory account balances are adjusted. Ra material cost is backflushed from the raw materials and in process account to the finished goc account. The following information is provided for the month of December: Beginning Balance of RIP account, including P5,000 conversion cost Beginning Balance of finished goods account, including P8,000 conversion cost Raw materials received on credit Direct labor cost 15,0 20.0 500,0 350,0 Factory overhead applied Ending RIP inventory per physical count, including P9,000 conversion col Ending finished goods inventory per physical count, including P4,000 conversion cost 450,0 30,0 11,0 a. 494,000 b. 800,000 c. 1,285,000 d. 1,294,000

Name: Question 2: How much is the conversion costincluded cost of goods sol
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Description: Question 2: How much is the conversion costincluded cost of goods sold in June? *GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and chargesall conversion costs to cost of goods sold. At the end of each month,

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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