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Find the amount of conversion costs to be back-flushed

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Reference no: EM132762676

The Combate Corporation uses the raw materials and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion components are estimated, and inventory account balances are adjusted accordingly. Raw materials are back-flushed from RIP account to finished goods.

The following data is for the month of May:

Raw materials purchases P5,100,000
Ending balance of RIP account 314,250
Conversion cost incurred 36,000
Conversion cost allocated 39,750
Beginning balance of RIP account 290,250

Problem 1: The amount of conversion costs to be back-flushed to Finished Goods is:

a. P75,750
b. P36,000
c. P24,000
d. P39,750

Reference no: EM132762676

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