Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
A firm uses backflush costing and values inventory using direct costing. All actual amounts are equal to budgeted amounts. (Note that some of the amounts below are on a per unit basis.)
| DM per unit | $15 |
| DL per unit | $5 |
| VOH per unit | $6 |
| FOH per unit | $4 |
| Total completed and in process | 20000 units |
| Units in finished goods | 150 |
| Units in process | 100 |
The firm counts raw materials at the end of the period and finds that $1,000 of raw materials are still in the warehouse. Which of the following is part of the
Group of answer choices
Debit: RIP $2,500
Debit: RIP $1,500
Debit: Conversion Costs $1,500
Debit: Conversion costs $2,500
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