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Johnson TextilesCompany employs Just in Time operating system with backflush costing. During the month of July direct material costing 505,000 was used for complted work with conversion cost of 700,000.  At the end of the month 200,000 was assigned to work in process inventory account. Finished goods inventory ending balance was 230,000. Required: Compute for the following a, Amount charged to cost of goods sold b. Ending balance of cost of goods sold

Johnson TextilesCompany employs Just in Time operating system with backflush costing. During the month of July direct material costing 505,000 was used for complted work with conversion cost of 700,000.  At the end of the month 200,000 was assigned to work in process inventory account. Finished goods inventory ending balance was 230,000. Required: Compute for the following a, Amount charged to cost of goods sold b. Ending balance of cost of goods sold

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management analysis
Section: Chapter Questions
Problem 1E: At the end of the first year of operations, 21,500 units remained in the finished goods inventory....
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Johnson TextilesCompany employs Just in Time operating system with backflush costing. During the month of July direct material costing 505,000 was used for complted work with conversion cost of 700,000. 

At the end of the month 200,000 was assigned to work in process inventory account. Finished goods inventory ending balance was 230,000.

Required: Compute for the following

a, Amount charged to cost of goods sold

b. Ending balance of cost of goods sold

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