User Account

All Pages

What is the amount of conversion cost

Assignment Help Cost Accounting
Reference no: EM132778682

Problem - Paz Company has a cycle of 3 days, uses a Raw and in Process Account (RIP) and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated and inventory account balances are adjusted. Raw material cost is backflushed from Raw and in Process (RIP) Account to finished goods.

The following information is provided for the month of June:

Beginning Balance of RIP account, including P2,000 conversion cost 10,000

Beginning Balance of finished goods account including P12,000 conversion cost 20,000

Raw materials received on credit = 800,000

Direct labor cost = 600,000

Factory overhead applied = 1,000,000

Ending RIP inventory per physical count, including P14,000 conversion cost 40,000

Ending finished goods inventory per physical count, including P8,000 conversion cost 12,000

Required - What is the amount of conversion cost included cost of goods sold in June?

Reference no: EM132778682

Questions Cloud

Common law and separation of power : Differentiate between checks and balances in the separation of power. Specify two (2) examples related to health care from your state government
Compute monthly net benefit of making the components : The corporate overhead allocation is based on 16.0% of the direct materials charge. Compute monthly net benefit of making the components
Legal and procedural history : Legal and Procedural History: What is the history of the selected case? What prior courts heard the case? What were the rulings of the involved prior courts?
The affordable health care act : Analyze the Federal court decisions in regards to the Affordable Health Care Act.
What is the amount of conversion cost : Beginning Balance of finished goods account including P12,000 conversion cost 20,000. What is the amount of conversion cost included cost of goods sold in June
What was the materials price variance for July : The DM price standard is $2.50 per kilogram and the DM quantity standard is 435 kilograms. What was the materials price variance for July
How to determine the corporation taxable income : The firm sold stock that had been owned for 2 years for $40,000; the original cost of the stock was $30,000. How to determine the corporation's taxable income
What is Jonathan Crowley portfolio alpha : The market risk premium for this period of time was 7% and the risk-free rate of return was 3%. What is Jonathan Crowley portfolio alpha
What is total stockholders equity as of December : A company reported total stockholders' equity of $170,000 on its balance sheet dated December 31, 2018. What is total stockholders equity as of December

Reviews

Write a Review

Cost Accounting Questions & Answers

  Prepare schedule showing target cost and the current cost

Target cost equals selling price required return of computer company required return to Timberland and use the Target Cost Worksheet to complete this assignment.

  What role do flexible budget play in improving understanding

Describe how the six elements of a standard unit cost increase cost comparability and understandability. What role do flexible budgets play in improving the understanding of variance analysis?

  Create balanced scorecard for a nestle manufacturing company

Create balanced scorecard for a Nestle manufacturing company and also suggests some new measures that may be significant for management

  Estimated time to produce one article

A workmans wages 44 hrs is ?0.75 per hr. estimated time to produce one article is 30 mints and under incentive plan. the time allowed is increased by 20%.

  What is the journal entry that indigo company would make

On April 12, Hong Company agrees to accept a 60-day, 10%, $10,500 note from Indigo Company to extend the due date on an overdue account.

  What will be the store operating income

If 35,000 units are sold, what will be the store's operating income (loss)?

  How much retained earnings did the firm have

It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $223,125, and common stock of $150,000. How much retained earnings did the firm have?

  About cost allocation methods

Cost Allocation Methods

  Explain high-low method is best or worst method

Explain high-low method is best or worst method for cost estimation. The high-low method has the enormous advantage of simplicity.

  Compute the cost per unit using absorption costing

Compute the cost per unit, using absorption costing. Compute the difference in net operating income between the two methods.

  What is the annual interest paid on the bonds

Explain in detail if the bonds will be given out atpremium/discount and what is the annual interest paid on the bonds

  Is there a gain or loss on the bond redemption

Bonds Payable has a balance of $3,500,000 and Discount on Bonds Payable has a balance of $125,000. If the issuing corporation redeems the bonds at 97, is there a gain or loss on the bond redemption?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd