Solution-Make amount of materials backflushed from finished

Make amount of materials backflushed from finished goods

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Reference no: EM132804374

The Smile Manufacturing Company uses a Raw and In process account and charges all conversion cost 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 Materials cost is backflushed from RIP to Finished Goods.

The following is for the month of September

RIP beginning, including P2,000 of conversion cost P20,000
FG beginning, including P1,200 of conversion cost 12,000
Raw Materials purchased on credit 200,000
RIP end, including P3,000 of conversion cost 30,000
FG end, including P2,300 of conversion cost 23,000
Conversion cost - P130,000 of direct labor and P260,000 of overhead

Requirements:

Problem 1: Amount of materials backflushed from RIP to Finished Goods

Problem 2: Amount of materials backflushed from Finished Goods to Cost of Goods Sold

Problem 3: Journal entries to record the given transactions.

Reference no: EM132804374

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Make amount of materials backflushed from finished goods

Reference no: EM132804374

Reference no: EM132804374

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