The Sinturon ni Jeff Company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs 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 material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including P600 of conversion cost P 5,500

The Sinturon ni Jeff Company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs 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 material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including P600 of conversion cost P 5,500

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11PB: Production information shows these costs and units for the smoothing department in August. What is...

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The Sinturon ni Jeff Company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs 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 material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including P600 of conversion cost P 5,500Beginning balance of finished goods account, including P2,000 of conversion cost 6,000Raw materials received on credit 173,000Ending RIP inventory per physical count, including P850 conversion cost estimate 6,200Ending finished goods inventory per physical count, including P1,550 conversion cost estimate 4,900 The entry to backflush Conversion Cost to correct account will include which of the following. A Debit to Cost of Goods Sold of P200 A Credit to Raw and In Process…
The RYX Manufacturing Company has a cycle of 1.5 days, uses a raw and in process (RIP) account, and charges all conversion costs 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 material cost is backflushed from RIP to Finished Goods. The following information is for June:Beginning balance of RIP account, including P1,200 of conversion cost P11,700Beginning balance of Finished Goods account, including P4,000 of conversion cost P12,000Raw materials received on credit P222,000Ending RIP inventory per physical count including P1,800 conversion cost estimate P12,800Ending Finished Goods inventory per physical count, including P3,500 conversion cost estimate P9,500Direct Labor: P80,000; Factory Overhead: P70,000 How much is the amount to be backflushed from Finished Goods to Cost of Goods Sold? Group of answer choices 221,500 221,400 222,000 220,900
ABC company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs 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 material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including $600 of conversion cost 5,500 Beginning balance of finished goods account, including $2,000 of conversion cost 6,000 Raw materials received on credit 173,000 Ending RIP inventory per physical count, including$850 conversion cost estimate Ending finished goods inventory per physical count, including $1,550conversion cost estimate 6,200 4,900 Prepare all the journal entries that involve the RIP account and/or the finished goods account.
The RYX Manufacturing Company has a cycle time of 2.0 days, uses an in process (RIP) account and charges all conversion costs 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 information is for May:Beginning balance of RIP account, including P7,200 of conversion costs P11,400Beginning balance of FG account, including P8,800 of conversion costs 16,000Raw materials purchased on credit 246,000Ending RIP inventory account, including P15,700 of conversion cost 21,300Ending FG inventory account, including P13,100 of conversion cost 19,800 Conversion costs in June are P98,000 for direct labor and P125,000 for overhead. The amount of materials backflushed from RIP to Finished Goods is…
XYZ Company has a cycle time of 2 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P17,040 of conversion cost, P26,400; FG beginning, including P17,400 of conversion cost; P27,000; Raw materials purchased on account, P447,000; RIP end, including P18,360 of conversion cost, P28,600; FG end, including P14,400 of conversion cost, P22,000. Direct labor P213,000; Factory overhead P192,000. What is the amount of material included in the cost of goods sold? P447,000 P448,120 P449,000 P446,120
Cove Co. has a cycle time of 3 days, uses a raw and in process (RIP) account, and charges all conversion cost to cost of goods sold. At the end of each month, all inventories are counted, their conversation costs components are estimated, and inventory account balances are adjusted. Raw materials cost is BACKFLUSHED from RIP to Finished goods. The following information is for June. Beginning balance of RIP account including P 20,560 of conversion cost P 42,600 Beginning balance of finished goods account, including P 22,000 of conversion cost 45,000 Raw materials received on credit 356,000 Direct labor cost, P 350,000factory overhead P 196,150 Ending RIP inventory per physical count, including P 15,500 conversion cost 22,500 Ending finished goods inventory per count, including P 11,600 conversion cost 16,000Which of the following entires will be included?a. debit rip 5060and cogs 5340; credit fg 10400b. debit fg…
Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. 1.What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150 2.Which of the following entries would be included? a.Debit RIP 5,060 and FG 10,400; credit COGS 15,460. b.Debit RIP 5,060 and COGS 5,340; credit FG 10,400. c.Debit FG…
Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150
Lara Company has a cycle time of 3 days, uses a raw and in process (RIP) account, and charges all conversion cost to cost of goods sold. At the end of each month, all inventories are counted, their conversation costs components are estimated, and inventory account balances are adjusted. Raw materials cost is BACKFLUSHED from RIP to Finished goods. The following information is for June. Beginning balance of RIP account including P 3,000 of conversion cost P 29,250 Beginning balance of finished goods account, including P 10,000 of conversion cost 30,000 Raw materials received on credit 562,500 Direct labor cost, P 375,000, factory overhead applied, P 450,000 Ending RIP inventory per physical count, including P 4,500 conversion cost 32,000 Ending finished goods inventory per count, including P 8,750…
Velasquez Company has a cycle time of 4 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of October: RIP beginning, including P10,000 of conversion cost, P35,000; FG beginning, including P6,800 of conversion cost; P30,000; Raw materials purchased on account, P225,000; RIP end, including P13,700 of conversion cost, P23,500; FG end, including P11,100 of conversion cost, P14,800. Direct labor P175,000; Factory overhead P220,000. What is the amount of conversion costs in the cost of goods sold account? a.P646,700 b.P395,000 c.P387,000 d.P259,700
Freezie Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. What is the total amount of cost of goods sold? P989,750 P935,790 P951,250 P902,150
JJ Company has a cycle time of 4 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of October: RIP beginning, including P10,000 of conversion cost, P35,000; FG beginning, including P6,800 of conversion cost; P30,000; Raw materials purchased on account, P225,000; RIP end, including P13,700 of conversion cost, P23,500; FG end, including P11,100 of conversion cost, P14,800. Direct labor P175,000; Factory overhead P220,000. What is the amount of materials backflushed from RIP to FG? P225,000 p259,700 P240,200 P220,000