Use the included information about Raw Materials Inventory (RM), Work in Process Inventory(WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the totalconversion costs added.1234567100RMB BalT1T2T3T4E Bal89 FG10 B Bal11 T112 T213 T314 T415 E Bal2Debits430029 050Debits480045 5923Credits28 000Credits33 50045WIPB BalDMDLFOHCGME BalISRevCGSV Op ExpF Op ExpNIBT6Debits892028 00017 43011 130Debits33 500513079607Credits45 592Credits66 200

Name: Use the included information about Raw Materials Inventory (RM), Work
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Description: Use the included information about Raw Materials Inventory (RM), Work in Process Inventory(WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the totalconversion costs added.1234567100RMB BalT1T2T3T4E Bal89 FG10 B Bal11 T112

Conversion cost is the cost incurred for converting raw materials into finished products, thus it…

Business

Accounting

Use the included information about Raw Materials Inventory (RM), Work in Process Invent (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 1 2 3 4 5 6 7 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal RM B Bal T1 T2 T3 T4 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200

Use the included information about Raw Materials Inventory (RM), Work in Process Invent (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 1 2 3 4 5 6 7 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal RM B Bal T1 T2 T3 T4 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200

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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