Johnson Textiles Company employs Just in Time operating system with backflush costing. During the month of July direct material costing 505,000 was used for complted work with conversion cost of 700,000. At the end of the month 200,000 was assigned to work in process inventory account. Finished goods inventory ending balance was 230,000. Required: Compute for the following a, Amount charged to co
Johnson Textiles Company employs Just in Time operating system with backflush costing. During the month of July direct material costing 505,000 was used for complted work with conversion cost of 700,000. At the end of the month 200,000 was assigned to work in process inventory account. Finished goods inventory ending balance was 230,000. Required: Compute for the following a, Amount charged to co
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Johnson Textiles Company employs Just in Time operating system with backflush costing. During the month of July direct material costing 505,000 was used for complted work with conversion cost of 700,000.
At the end of the month 200,000 was assigned to work in process inventory account. Finished goods inventory ending balance was 230,000.
Required: Compute for the following
a, Amount charged to cost of goods sold
b. Ending balance of cost of goods sold
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