Reference no: EM132950328
Question - Finale Company has a cycle time of 3 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 April, 2020:
-Beginning balance of RIP account, including P3,750 of conversion costs is P36,565.
-Beginning balance of Finished Goods account, including P12,500 of conversion costs is P37,500.
-Raw materials received on credit, P703,125.
-Direct labor costs, P468,750; Factory overhead applied, P562,500.
-Ending balance of RIP inventory per physical count, including P5,625 of conversion costs is P40,000.
-Ending balance of Finished Goods inventory per physical count, including P10,940 of conversion costs is P32,815.Required:
Required -
Journalize the above transactions.
Compute the material and conversion costs of units sold in April, 2020.
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