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The Just in Time operating system with backflush pricing is used by Johnson Textiles Company. The completed job in July used direct materials worth $500,000 and conversion costs at $70,000. 200,000 dollars were allocated to the inventory account for work-in-progress at the conclusion of the month. The closing balance of the finished products inventory was 230,000. Needed: Calculate the upcoming a. Amount added to the cost of the products sold. b. Final cost of goods sold

The Just in Time operating system with backflush pricing is used by Johnson Textiles Company. The completed job in July used direct materials worth $500,000 and conversion costs at $70,000. 200,000 dollars were allocated to the inventory account for work-in-progress at the conclusion of the month. The closing balance of the finished products inventory was 230,000. Needed: Calculate the upcoming a. Amount added to the cost of the products sold. b. Final cost of goods sold

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 10PA: Production information shows these costs and units for the smoothing department in August. All...
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The Just in Time operating system with backflush pricing is used by Johnson Textiles Company. The completed job in July used direct materials worth $500,000 and conversion costs at $70,000.

200,000 dollars were allocated to the inventory account for work-in-progress at the conclusion of the month. The closing balance of the finished products inventory was 230,000.

Needed: Calculate the upcoming

a. Amount added to the cost of the products sold.

b. Final cost of goods sold balance 

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