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How much direct materials is backflushed from fgi to cogs

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Reference no: EM132548534

Below is a problem related to just-in-time system and backflush costing. Can you answer them? (with solutions).

  1. Swift Comapny has a 3-day-cycle, and uses a Raw and In-process (RIP) account and charges all conversion costs to Cost of Goods Sold (COGS).
  2. At the end of each month, all inventories are counted, conversion costs components are estimated and inventory account balances are adjusted.

Raw material cost is backflushed from RIP to Finished Goods Inventory (FGI). The following information is provided for the month of May:

RIP - beginning, including USD 1,000 conversion cost 5,000

FGI - beginning, including USD 6,000 conversion cost 10,000

Raw materials received on credit 400,000

Direct labor cost 300,000

Factory overhead applied 500,000

RIP - end, per physical count, including USD 7,000 conversion cost 20,000

FGI - end, per physical count, including USD 4,000 conversion cost 6,000

Question 1. How much conversion costs is included in COGS for the month of May

Question 2. How much direct materials is backflushed from RIP to FGI?

Question 3. How much direct materials is backflushed from FGI to COGS?

Reference no: EM132548534

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