The balance of conversion cost on April was:Group of answer choicesc. P296,000 Debitd. P296,000 Creditb. P6,000 Credita. P6,000 DebitThe balance of finished goods account was:e. P1,191,000 Creditb. P397,000 Credita. P397,000 Debitd. P1,191,000 DebitThe balance of finished goods account was:e. P1,191,000 Creditb. P397,000 Credita. P397,000 Debitd. P1,191,000 DebitThe amount of direct labor to be back-flushed was: a. P669,000d. P231,000c. P900,000b. P675,000 9. Ethel Corporation has provided the following information for transactions thatoccurred during April.This Corporation uses a JIT costing system1. Raw materials were purchased at a total cost of P291,000.2. All materials purchased were requisitioned for production.3. Direct labor costs of P231,000 were incurred.4. Actual factory overhead costs amounted to P675,0005. Applied conversion costs totalled P900,000. This included P231,000 ofdirect labor.6. All units were completed.

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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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The balance of conversion cost on April was: Group of answer choices c. P296,000 Debit d. P296,000 Credit b. P6,000 Credit a. P6,000 Debit The balance of finished goods account was: e. P1,191,000 Credit b. P397,000 Credit a. P397,000 Debit d. P1,191,000 Debit The balance of finished goods account was: e. P1,191,000 Credit b. P397,000 Credit a. P397,000 Debit d. P1,191,000 Debit The amount of direct labor to be back-flushed was: a. P669,000 d. P231,000 c. P900,000 b. P675,000

9. Ethel Corporation has provided the following information for transactions that
occurred during April.
This Corporation uses a JIT costing system
1. Raw materials were purchased at a total cost of P291,000.
2. All materials purchased were requisitioned for production.
3. Direct labor costs of P231,000 were incurred.
4. Actual factory overhead costs amounted to P675,000
5. Applied conversion costs totalled P900,000. This included P231,000 of
direct labor.
6. All units were completed.

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