GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold. At the end of cach month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods 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, ncluding PS.000 conversion cost Raw materials received on credit Direct labor cost Factory overhead applied Ending RIP inventory per physical count, including P9.000 conversion cost Ending finished goods inventory per physical count, including P4,000 conversion cost 15,000 20,000 500,000 350,000 450,000 30,000 11,000 a. 494,000 O b. 489,000 O c. 1,285,000 O d. 1,294,000

GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold. At the end of cach month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods 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, ncluding PS.000 conversion cost Raw materials received on credit Direct labor cost Factory overhead applied Ending RIP inventory per physical count, including P9.000 conversion cost Ending finished goods inventory per physical count, including P4,000 conversion cost 15,000 20,000 500,000 350,000 450,000 30,000 11,000 a. 494,000 O b. 489,000 O c. 1,285,000 O d. 1,294,000

Name: Question 3: How much direct materials werebackflushed trom RIP to Tin
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Question 3: How much direct materials werebackflushed trom RIP to Tinished goods?*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 cnd of cach month,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The JG Company uses JIT operating system with backflush costing. During the month of October, direct material costing P100,00 was used for completed work with conversion costs of P500,000. At the end of the month, P100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was P150,000. Required: a. The cost charged to the company's cost of goods sold b. The ending balance of cost of goods sold
The production department of Ted Milk shows the following transaction in month of September. Company adopted JIT system few months back. 1. Materials purchased on credit 20,000 2. All materials was used during production 3. Direct labor icost incurred for 6,000 4. Overhead charged to production was 20,000 5. Units completed costing 45,500 6. Units sold 45,000 Required: Compute for the following: a. Finished goods inventory b. Work in process inventory
and credit Work in Process account When goods are completed in the production process what is the journal entry a. Debit Manufacturing Overhead account and credit Work in Process account b. Debit Finished Goods account and credit Work in Process account c. Debit Cost of Goods Sold account and credit Finished Goods account 1 d. Debit Cost of Goods Sold account and credit Work in Process account Al Maha Company makes collections on sales according to the following schedule: 10% in the month of sale 60% in the month following sale
Sheridan Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process inventory accounts show the following debits. Beginning work in process Direct materials Direct labor Manufacturing overhead Costs transferred in April 30 30 Cooking 30 $0 30 23,940 9,690 35,910 Journalize the April transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Canning $4,560 Date Account Titles and Explanation 10,260 (To record materials used) 7,980 29,480 60,420 (To assign direct labour to production) (To assign overhead to production) (To record transfer of units to the Canning Department) Debit Credit
XYZ Company has a cycle time of 2 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P17,040 of conversion cost, P26,400; FG beginning, including P17,400 of conversion cost; P27,000; Raw materials purchased on account, P447,000; RIP end, including P18,360 of conversion cost, P28,600; FG end, including P14,400 of conversion cost, P22,000. Direct labor P213,000; Factory overhead P192,000. What is the amount of material included in the cost of goods sold? P447,000 P448,120 P449,000 P446,120
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150
Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic uses the weighted average method for inventory calculations. raw materials are added at the beginning of the production process while conversion costs are added evenly throughout the process. calculate equivalent units (EU) for DIRECT MATERIALS Physical Units Direct Conversion Materials Costs $ 13,332 Work in process, beginning inventory (April 1) Degree of completion of beginning work in process Started during April Good units completed and transferred out during April Work in process, ending inventory (April 30) Degree of completion of ending work in process Total costs added during April Normal spoilage as a percentage of good units Degree of completion of normal spoilage Degree of completion of abnormal spoilage 2,400 $21,240 100% 50% 12,000 10,800 2,160 100% 75% $97,560 $111,408 10% 100% 100% 100% 100%
Question 2: How much is the conversion cost included 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 charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods account. The following information is provided for the month of December: 15,000 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 20.000 500,000 350,000 450,000 30,000 Factory overhead applied Ending RIP inventory per physical count, including P9,000 conversion co Ending finished goods inventory per physical count, including P4,000 conversion cost 11,000 a. 494,000 b. 800,000 c.…
Michael Company has a cycle time of 4 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of October: RIP beginning, including $10,000 of conversion cost, $35,000; FG beginning, including $6,800 of conversion cost; $30,000; Raw materials purchased on account, $225,000; RIP end, including $13,700 of conversion cost, $23,500; FG end, including $11,100 of conversion cost, $14,800. Direct labor $175,000; Factory overhead $220,000. What is the amount of materials backflushed from RIP to FG? $240,200 $259,700 $295,700 $220,000
Puddleby Company had the following transactions in October: (Click the icon to view the transactions.) Prepare the journal entries for Puddleby Company. (Record debits first, then credits. Exclude explanations from any journal entries.) 1. Purchased raw materials on account, $75,000 Used materials in production: $28,000 in the Mixing Department; $7,000 in the Packaging 2. Department; $1,100 in indirect materials Incurred labor costs: $8,500 in the Mixing Department; $5,600 in the Packaging 3. Department; $2,400 in indirect labor Incurred manufacturing overhead costs: $5,500 in machinery depreciation; paid $3,000 for 4. rent and $1,750 for utilities 1. Purchased raw materials on account, $75,000 Date Accounts Debit Credit
7. Panay Company has a cycle of 3 days, uses a Raw and In Process Account (RIP) and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated and inventory account balances are adjusted. Raw material cost is backflushed from Raw and in Process (RIP) Account to finished goods. The following information is provided for the month of June: Beginning Balance of RIP account, including Php 1,000 conversion cost 5,000.00; Beginning Balance of Finished goods account including Php 6,000.00 conversion cost Php 10,000.00; Raw materials received on credit Php 400,000.00; Direct Labor cost Php 300,000.00; Factory overhead applied Php 500,000.00; Ending RIP inventory per physical count, including Php 7,000.00 conversion cost Php 20,000.00; Ending Finished Goods inventory per physical count, including Php 4,000.00 conversion cost Php 6,000.00. What is the amount of conversion cost included cost of goods sold in…