Reference no: EM132797419
The JIT Corp uses the a raw and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion components are estimated, and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP account to finished goods.
The following data is for the month of May:
Raw materials purchases 5,100,000
Ending balance of RIP account 314,250
Conversion cost incurred 36,000
Conversion allocated 39,750
Beginning balance of RIP account 290,250
problem 1: The amount of direct materials and conversion costs to be backflushed to finished goods are:
Group of answer choices
A. 5,076,000; 39,750
B. 5,100,000; 36,000
C. 5,076,000, 36,000
D. 5,100,000; 39,750
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