The Hiei Company has a cycle time of 1.5days, uses a Raw and In Process (RIP) account and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, the conversion costs components are estimated, and inventory balances are adjusted. Raw material costs is backflushed from RIP to Finished Goods. The following information is for August RIP, beginning including P600 of conversion cost P5,500 6,000 Finished goods, beginning including P2,000 of conversion cost Raw materials received 173,000 5,350 RIP, ending per physical count, excluding P850 conversion cost estimate Finished goods, ending per physical count, excluding P1,550 conversion cost estimate 3,350 How much is backflushed from RIP to Finished Goods?

The Hiei Company has a cycle time of 1.5days, uses a Raw and In Process (RIP) account and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, the conversion costs components are estimated, and inventory balances are adjusted. Raw material costs is backflushed from RIP to Finished Goods. The following information is for August RIP, beginning including P600 of conversion cost P5,500 6,000 Finished goods, beginning including P2,000 of conversion cost Raw materials received 173,000 5,350 RIP, ending per physical count, excluding P850 conversion cost estimate Finished goods, ending per physical count, excluding P1,550 conversion cost estimate 3,350 How much is backflushed from RIP to Finished Goods?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints

Section: Chapter Questions

Problem 2CE: Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An...

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Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An order to replenish the part requires a lead time of five days. Required: 1. Calculate the reorder point, using Equation 20.3. 2. Graphically display the reorder point, where the vertical axis is inventory (units) and the horizontal axis is time (days). Show two replenishments, beginning at time zero with the economic order quantity in inventory. 3. What if the average usage per day of the part is 500 units but a daily maximum usage of 575 units is possible? What is the reorder point when this demand uncertainty exists?
The Sinturon ni Jeff Company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including P600 of conversion cost P 5,500Beginning balance of finished goods account, including P2,000 of conversion cost 6,000Raw materials received on credit 173,000Ending RIP inventory per physical count, including P850 conversion cost estimate 6,200Ending finished goods inventory per physical count, including P1,550 conversion cost estimate 4,900 The entry to backflush Conversion Cost to correct account will include which of the following. A Debit to Cost of Goods Sold of P200 A Credit to Raw and In Process…
The Sinturon ni Jeff Company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including P600 of conversion cost P 5,500Beginning balance of finished goods account, including P2,000 of conversion cost 6,000Raw materials received on credit 173,000Ending RIP inventory per physical count, including P850 conversion cost estimate 6,200Ending finished goods inventory per physical count, including P1,550 conversion cost estimate 4,900 How much materials will be backflushed from RIP account to Finished Goods account?
ABC company has a cycle time of 1.5 days, uses a Raw and In Process (RIP) account, and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from RIP to Finished Goods. The following information is for May: Beginning balance of RIP account, including $600 of conversion cost 5,500 Beginning balance of finished goods account, including $2,000 of conversion cost 6,000 Raw materials received on credit 173,000 Ending RIP inventory per physical count, including$850 conversion cost estimate Ending finished goods inventory per physical count, including $1,550conversion cost estimate 6,200 4,900 Prepare all the journal entries that involve the RIP account and/or the finished goods account.
The RYX Manufacturing Company has a cycle time of 2.0 days, uses an in process (RIP) account and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated and inventory account balances are adjusted. Raw materials cost is backflushed from RIP to Finished Goods. The following information is for May:Beginning balance of RIP account, including P7,200 of conversion costs P11,400Beginning balance of FG account, including P8,800 of conversion costs 16,000Raw materials purchased on credit 246,000Ending RIP inventory account, including P15,700 of conversion cost 21,300Ending FG inventory account, including P13,100 of conversion cost 19,800 Conversion costs in June are P98,000 for direct labor and P125,000 for overhead. The amount of materials backflushed from RIP to Finished Goods is…
Question 2: How much is the conversion cost included cost of goods sold in June? * GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods account. The following information is provided for the month of December: 15,000 Beginning Balance of RIP account, including P5,000 conversion cost Beginning Balance of finished goods account, including P8,000 conversion cost Raw materials received on credit Direct labor cost 20.000 500,000 350,000 450,000 30,000 Factory overhead applied Ending RIP inventory per physical count, including P9,000 conversion co Ending finished goods inventory per physical count, including P4,000 conversion cost 11,000 a. 494,000 b. 800,000 c.…
XYZ Company has a cycle time of 2 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P17,040 of conversion cost, P26,400; FG beginning, including P17,400 of conversion cost; P27,000; Raw materials purchased on account, P447,000; RIP end, including P18,360 of conversion cost, P28,600; FG end, including P14,400 of conversion cost, P22,000. Direct labor P213,000; Factory overhead P192,000. What is the amount of material included in the cost of goods sold? P447,000 P448,120 P449,000 P446,120
The RYX Manufacturing Company has a cycle of 1.5 days, uses a raw and in process (RIP) account, and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from RIP to Finished Goods. The following information is for June:Beginning balance of RIP account, including P1,200 of conversion cost P11,700Beginning balance of Finished Goods account, including P4,000 of conversion cost P12,000Raw materials received on credit P222,000Ending RIP inventory per physical count including P1,800 conversion cost estimate P12,800Ending Finished Goods inventory per physical count, including P3,500 conversion cost estimate P9,500Direct Labor: P80,000; Factory Overhead: P70,000 How much is the amount to be backflushed from Finished Goods to Cost of Goods Sold? Group of answer choices 221,500 221,400 222,000 220,900
Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. 1.What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150 2.Which of the following entries would be included? a.Debit RIP 5,060 and FG 10,400; credit COGS 15,460. b.Debit RIP 5,060 and COGS 5,340; credit FG 10,400. c.Debit FG…
Cove Co. has a cycle time of 3 days, uses a raw and in process (RIP) account, and charges all conversion cost to cost of goods sold. At the end of each month, all inventories are counted, their conversation costs components are estimated, and inventory account balances are adjusted. Raw materials cost is BACKFLUSHED from RIP to Finished goods. The following information is for June. Beginning balance of RIP account including P 20,560 of conversion cost P 42,600 Beginning balance of finished goods account, including P 22,000 of conversion cost 45,000 Raw materials received on credit 356,000 Direct labor cost, P 350,000factory overhead P 196,150 Ending RIP inventory per physical count, including P 15,500 conversion cost 22,500 Ending finished goods inventory per count, including P 11,600 conversion cost 16,000Which of the following entires will be included?a. debit rip 5060and cogs 5340; credit fg 10400b. debit fg…
Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150
Cove Co. has a cycle time of 3 days, uses a raw and in process (RIP) account, and charges all conversion cost to cost of goods sold. At the end of each month, all inventories are counted, their conversation costs components are estimated, and inventory account balances are adjusted. Raw materials cost is BACKFLUSHED from RIP to Finished goods. The following information is for June. Beginning balance of RIP account including P 20,560 of conversion cost P 42,600 Beginning balance of finished goods account, including P 22,000 of conversion cost 45,000 Raw materials received on credit 356,000 Direct labor cost, P 350,000factory overhead P 196,150 Ending RIP inventory per physical count, including P 15,500 conversion cost 22,500 Ending finished goods inventory per count, including P 11,600 conversion cost 16,000What is the total…