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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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