Homework Help is Here – Start Your Trial Now!
Business
Accounting
Requirements: 1. Amount of materials backflushed from RIP to Finished Goods 2. Amount of materials backflushed from Finished Goods to Cost of Goods Sold. 3. Journal entries to record the given transactions

Requirements: 1. Amount of materials backflushed from RIP to Finished Goods 2. Amount of materials backflushed from Finished Goods to Cost of Goods Sold. 3. Journal entries to record the given transactions

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Problem 4

Problem 4 The Chiz Manufacturing Company has a cvcle time of 2.0 days, uses a Raw and In Process account (RIP) and charges ail conversion cost to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated and inventory account balances are adjusted. Raw materials cost is backflushed from RIP to Finished Goods. The following is for the month of May. RIP beginning, including P12,000 of conversion cost FG beginning, including P 8,800 of conversion cost Raw materials purchased on credit RIP end, including P 15,700 of conversion cost FG end, including P 13,100 of conversion cost Conversion cost- P 180,000 of direct labor and P 225,000 of overhead Requirements: 1. Amount of materials backflushed from RIP to Finished Goods 2. Amount of materials backflushed from Finished Goods to Cost of Goods Sold. 3. Journal entries to record the given transactions 40,000 35,000 230,000 28,500 19,800
Transcribed Image Text:Problem 4 The Chiz Manufacturing Company has a cvcle time of 2.0 days, uses a Raw and In Process account (RIP) and charges ail conversion cost to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated and inventory account balances are adjusted. Raw materials cost is backflushed from RIP to Finished Goods. The following is for the month of May. RIP beginning, including P12,000 of conversion cost FG beginning, including P 8,800 of conversion cost Raw materials purchased on credit RIP end, including P 15,700 of conversion cost FG end, including P 13,100 of conversion cost Conversion cost- P 180,000 of direct labor and P 225,000 of overhead Requirements: 1. Amount of materials backflushed from RIP to Finished Goods 2. Amount of materials backflushed from Finished Goods to Cost of Goods Sold. 3. Journal entries to record the given transactions 40,000 35,000 230,000 28,500 19,800
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS