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
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
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 15E: On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following...
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