Elsa Corporation uses a Raw and in process (RIPI) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. Raw material cost is back flushed from RIPI to Finished goods. The following information is noted for the month of July: Beginning balance of RIP account, incduding P6,500 of conversion cost P 45,000 Raw materials received on credit 465,000 Ending RIP inventory per physical count, exduding P7,200 conversion cost estimate 67,000

Elsa Corporation uses a Raw and in process (RIPI) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. Raw material cost is back flushed from RIPI to Finished goods. The following information is noted for the month of July: Beginning balance of RIP account, incduding P6,500 of conversion cost P 45,000 Raw materials received on credit 465,000 Ending RIP inventory per physical count, exduding P7,200 conversion cost estimate 67,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Cetaphil Manufacturing Company uses a Raw and in Process (RIP) inventory account and charged to cost of sales all conversion costs. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted accordingly. backflushed from RIP to Finished goods. The following information is noted for Raw materials is the current month. • Beginning balance of RIP account, including P1,400 conversion costs, P31,200 Raw materials purchased on account, P367,000 Ending RIP inventory including P1,800 conversion cost, P33,000. 12. Give the final entry to adjust the accounts to their correct balances.
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