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Question - MNK Productions uses a just-in-time manufacturing process and keeps minimal inventory balances in its premises. It uses back flush casting to account for its productions. At the start of the month, it had a P5,000 balance in its Materials and in Process Account, which pertained to minimal amount of materials purchased last period but left unused. During the month, if purchased P41,000 worth of direct materials, conversion cost applied amounted to P150,000, and overhead cost applied amounted to P100,000. By the end of the month, the total Materials and in Process Account was reduced by half (all of which still pertains to materials purchased but unused) and the finished goods account increased by P4000.
1. How much is the materials cost back flushed from Materials and in Process to Finished goods during the month?
2. How much is the cost of goods sold for the month?
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