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

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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

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