Aguas Company produces tables. The following data apply for the month of March: Raw materials purchased 5,300,000 Conversion costs incurred 3,080,000 Number of Finished Goods Manufactured 200,000 Number of units sold 195,000 There were no beginning inventories of materials and no beginning and ending work-in-process. Aguas usesJIT and backflush costing with two trigger points for making entries in its accounting system (purchase of materials and finished goods). Standard cost per unit of table product: Direct Materials, P26; and conversion costs, P15. Required: 2.1. Prepare journal entries for the month of March. Assume no direct materials variance. 2.2. Determine the balance materials and Finished Goods. Note: Please help me answering this questions until 12:00 pm (Philippines time).
Aguas Company produces tables. The following data apply for the month of March: Raw materials purchased 5,300,000 Conversion costs incurred 3,080,000 Number of Finished Goods Manufactured 200,000 Number of units sold 195,000 There were no beginning inventories of materials and no beginning and ending work-in-process. Aguas usesJIT and backflush costing with two trigger points for making entries in its accounting system (purchase of materials and finished goods). Standard cost per unit of table product: Direct Materials, P26; and conversion costs, P15. Required: 2.1. Prepare journal entries for the month of March. Assume no direct materials variance. 2.2. Determine the balance materials and Finished Goods. Note: Please help me answering this questions until 12:00 pm (Philippines time).
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,