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The Genson Co. uses JIT operating system with backflush costing. During the month of October, direct material costing $100,00 was used for completed work with conversion costs of $500,000. At the end of the month, $100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was $150,000. Requirement: Kindly compute the ff: Cost charged to the company's cost of goods sold Ending balance of cost of good sold.

The Genson Co. uses JIT operating system with backflush costing. During the month of October, direct material costing $100,00 was used for completed work with conversion costs of $500,000. At the end of the month, $100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was $150,000. Requirement: Kindly compute the ff: Cost charged to the company's cost of goods sold Ending balance of cost of good 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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The Genson Co. uses JIT operating system with backflush costing. During the month of October, direct material costing $100,00 was used for completed work with conversion costs of $500,000. At the end of the month, $100,000 was assigned to work in process inventory account. The ending bałance of finished goods inventory was $150,000. Requirement: Kindly compute the ff: Cost charged to the company's cost of goods sold Ending balance of cost of good sold.
Transcribed Image Text:The Genson Co. uses JIT operating system with backflush costing. During the month of October, direct material costing $100,00 was used for completed work with conversion costs of $500,000. At the end of the month, $100,000 was assigned to work in process inventory account. The ending bałance of finished goods inventory was $150,000. Requirement: Kindly compute the ff: Cost charged to the company's cost of goods sold Ending balance of cost of good sold.
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