What adjustment to cost of goods sold

Assignment Help Cost Accounting

Reference no: EM132774121

There are no beginning inventories. Information for April 2020 is:

Direct materials Purchased P880,000

Direct material used P850,000

Conversion costs incurred P422,000

Conversion Costs allocated P400,000

Costs transferred to finished goods P1,250,000

Cost of goods sold P1,190,000

Problem 1. The completion of goods would include an entry of

a. Debit to Cost of Goods sold of P1,250,000

b. Debit to Raw and in process of P880,000

c. Debit to Cost of Goods sold of P1,190,000

d. Debit to Finished Goods of 1,250,000

Problem 2. The sale of goods would include an entry of

a. Debit to Cost of Goods sold of P1,250,000

b. Debit to Raw and in process of P880,000

c. Debit to Cost of Goods sold of P1,190,000

d. Debit to Finished Goods of 1,250,000

Problem 3. The backflushed amount from cost of goods sold to the raw and in process control account amounts to

a. 90,000

b. 60,000

c. 30,000

d. 120,000

Problem 4. Adjustment to Cost of goods sold involving over/under allocated conversion cost must be

a. Increase of 22,000

b. Decrease of 22,000

c. Increase of 90,000

d. Decrease of 90,000

Reference no: EM132774121

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