How much is the amount of cost of goods sold

Assignment Help Financial Accounting

Reference no: EM132743056

Question - For the next two questions: The Compaq Manufacturing Company has a cycle of 1.5 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 June:

Beginning balance of RIP account, including P1,200 of conversion cost P11,700

Beginning balance of Finished Goods account, including P4,000 of conversion cost P12,000

Raw materials received on credit P222,000

Ending RIP inventory per physical count including P1,800 conversion cost estimate P12,800

Ending Finished Goods inventory per physical count, including P3,500 conversion cost estimate P9,500

Direct Labor: P80,000; Factory Overhead: P70,000

Required -

How much is the amount of Cost of Goods Sold after all transactions and adjustments were completed?

How much is the amount to be backflushed from Finished Goods to Cost of Goods Sold?

Reference no: EM132743056

Questions Cloud

Compute the contribution margin for the current year : Compute (1) the contribution margin for the current year and the projected year, and (2) the fixed costs for the current year

Organizational culture walmart canada : Can an overall strategy be successful if it is counter to the belief of the culture? Why or why not?

Compute the ending inventory at june : Beginning Balance 450 units at $2503/10. Using the LIFO Method, Compute the Ending Inventory (units and amount) at 06/30/18

Bcg matrix of the coca-cola company : What a BCG Matrix of the Coca-cola company and please created. Provide examples and explain in detail about the BCG Matrix that you have created.

How much is the amount of cost of goods sold : Beginning balance of RIP account, including P1,200 of conversion cost P11,700. How much is the amount of Cost of Goods Sold

List five potential workplace hazards : List five potential workplace hazards that could occur during the use of a computer.

Compute what is the residual income for the division : The Commercial Division of Galena Company has operating income of $78,740 and assets of $266,000. What is the residual income for the division?

What are the two leadership tasks : What are the two leadership tasks and how is inclusiveness critical to their accomplishing those tasks successfully?

What is the npv for the project for purple haze machine shop : Purple Haze Machine Shop is considering a four-year project to improve its production. The shop's discount rate is 9 percent. What is the NPV for this project?

User Account

All Pages