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Peter Senen Corp. uses backflush costing system to records its production transactions. During September 2019, Peter Senen produced 450,000 units and sold 447,000 units. The standard cost for each product is:
Direct Materials P2
Conversion costs 4
The company had no beginning inventories. The following transactions took place during the month of September Purchased P906,000 of raw material
Incurred P1,820,000 of conversion costs
Applied P1,825,000 of conversion cost to Raw and In process Inventory
Finished 450,000 units
Sold 447,000 units for P12.00/unit
Problem 1: The balance of the Raw and in Process Inventory for the month of September is:
a. P1,825,000
b. P906,000
c. P31,000
d. P18,000
Compute the following amounts for the month of July. Cost of direct materials used. Cost of direct labor used. Cost of goods manufactured. Cost of goods sold. (Do not consider any underapplied or overapplied overhead.)
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