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month, 5 lbs of raw materials (worth $50) remain unused. 50 units were in process ($3 material cost per unit) If you searched for the RIP account in the firm's cost accounting records on March 15, what balance would that account show? a. b. C. $150 $5,000 $4,850 610.

month, 5 lbs of raw materials (worth $50) remain unused. 50 units were in process ($3 material cost per unit) If you searched for the RIP account in the firm's cost accounting records on March 15, what balance would that account show? a. b. C. $150 $5,000 $4,850 610.

FINANCIAL ACCOUNTING
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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1. A firm uses backflush costing to assign product costs to inventory. The firm values inventory using throughput accounting. At the beginning of March, the RIP account has a balance of $100. On March 10, the firm purchases 500 lbs of raw materials worth $5,000. At the end of the month, 5 lbs of raw materials (worth $50) remain unused. 50 units were in process ($3 material cost per unit) If you searched for the RIP account in the firm's cost accounting records on March 15, what balance would that account show? a. b. C. d. $150 $5,000 $4,850 $100
Transcribed Image Text:1. A firm uses backflush costing to assign product costs to inventory. The firm values inventory using throughput accounting. At the beginning of March, the RIP account has a balance of $100. On March 10, the firm purchases 500 lbs of raw materials worth $5,000. At the end of the month, 5 lbs of raw materials (worth $50) remain unused. 50 units were in process ($3 material cost per unit) If you searched for the RIP account in the firm's cost accounting records on March 15, what balance would that account show? a. b. C. d. $150 $5,000 $4,850 $100
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