Reference no: EM132867202
Problem - Sunrise Global Manufacturing Company had the following data for the month of June 2016:
Raw materials purchased on account is P325,000
Actual direct labor costs were P235,000
Actual OH costs were P155,000
Selling and administrative expenses were P152,500
Raw and in Process: Beginning were P43,000 including conversion cots of P12,000 while Ending were P66,000 including conversion costs of P24,000
Finished Goods: Beginning were P95,000 including conversion costs of P28,000 while ending were P70,000 including conversion costs of P18,000.
Required -
1. Determine the cost of materials backflushed from FG to COGS?
2. Make the final entry to set up the correct balances of the accounts?
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