Solution-What the amount of conversion costs to be

What the amount of conversion costs to be back-flushed

Assignment Help Cost Accounting

Reference no: EM132743509

The Combate Corporation uses the raw materials 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 are back-flushed from RIP account to finished goods.

The following data is for the month of May:

Raw materials purchases P5,100,000
Ending balance of RIP account 314,250
Conversion cost incurred 36,000
Conversion cost allocated 39,750
Beginning balance of RIP account 290,250

Problem 1: The amount of conversion costs to be back-flushed to Finished Goods is:

a. P75,750
b. P36,000
c. P24,000
d. P39,750

Reference no: EM132743509

Questions Cloud

Determine amount to be recognized as compensation expense : Nova Inc granted 2,500 stock options to its top management team on January 1, Year 1. The options vest at the end of 5 years (cliff vesting).

Create an export costing sheet if the term of the contract : Create an Export costing sheet if the term of the contract is CFR Doha. Canada Exporters Limited is considering the export of 5,000 units

What the values of the items were in statement of cash flows : Cashcow Ltd reported a cash balance of R2000 and R10000 in its Statement of Financial Position for 2010 and 2011 respectively.

Research funding programs in state : Research funding programs in your state that are not direct state resources and describe how these funds are used. Note in your response the individual

What the amount of conversion costs to be back-flushed : What the amount of conversion costs to be back-flushed to Finished Goods is? The Combate Corporation uses the raw materials and in process (RIP) inventory

Make the appropriations account of Masaba Company Ltd : Masaba Company Ltd. is a retail provider with an authorised share capital of 800,000. Make the appropriations account of Masaba Company Ltd

Discuss tenets of theories applicable to employee relations : Discuss the tenets of theories applicable to employee relations in management research. The response must be typed, double spaced.

Why do think tesla issued convertible bonds : In 2017 and 2019 Tesla issued convertible bonds. Why do you think Tesla issued convertible bonds instead of a different type of bond?

Calculating the acquisition cost in year : Pomegranate-Cellular Inc. (PC), a company producing mobile phones, would like to expand its business. It is currently looking into acquiring Albatross

User Account

All Pages

What the amount of conversion costs to be back-flushed

Reference no: EM132743509

Reference no: EM132743509

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT