Lucky Manufacturing Company uses a Raw and in Process account and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion costs are estimated and inventory accounts are adjusted. The following information is available for the month of August. Beg. Balance of RIP, including Raw Materials of P84,000 Beg. Balance FG, including Raw Materials of P64,000 Raw materials purchased on account Ending balance of RIP, including Raw Materials of P88,000 Ending balance of FG, including Raw Materials of P48,000 Conversion costs added to production P93,600 96,000 1,776.000 101,600 77,600 950,000

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A: PARTICULARS   AMOUNT   Conversion cost   Opening Raw Material  225000    Opening WIP…

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A: Work in progress means the goods which is manufactured  partially in the production process and not…

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