.The Swiss Manufacturing Company uses raw and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion costs components are estimated, and inventory account balances are adjusted accordingly. Raw materials cost is backflushed from RIP account to finished goods account. The following data is for the month of August: Beginning balance of RIP account including Conversion costs of 4,800 = P38,700; Raw materials purchased = 680,000; Ending balance of RIP account including Conversion costs of 5,300= 41,900; Conversion Cost Allocated = 190,000.Determine the amount of direct materials to be backflushed to finished goods are:
.The Swiss Manufacturing Company uses raw and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion costs components are estimated, and inventory account balances are adjusted accordingly. Raw materials cost is backflushed from RIP account to finished goods account. The following data is for the month of August: Beginning balance of RIP account including Conversion costs of 4,800 = P38,700; Raw materials purchased = 680,000; Ending balance of RIP account including Conversion costs of 5,300= 41,900; Conversion Cost Allocated = 190,000.Determine the amount of direct materials to be backflushed to finished goods are:
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...
Related questions
Question
8.The Swiss Manufacturing Company uses raw and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion costs components are estimated, and inventory account balances are adjusted accordingly. Raw materials cost is backflushed from RIP account to finished goods account. The following data is for the month of August: Beginning balance of RIP account including Conversion costs of 4,800 = P38,700; Raw materials purchased = 680,000; Ending balance of RIP account including Conversion costs of 5,300= 41,900; Conversion Cost Allocated = 190,000.Determine the amount of direct materials to be backflushed to finished goods are:
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 2 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
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
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
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
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
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning