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Solve amount of direct materials backflushed from rip to fgi

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Reference no: EM132560835

JUST-IN-TIME SYSTEM & BACKFLUSH COSTING

Pierre Heud has a cycle of 3 days, and uses a Raw and In-process (RIP) account and charges all conversion costs to Cost of Goods Sold (COGS). At the end of each month, all inventories are counted, conversion costs components are estimated and inventory account balances are adjusted. Raw material cost is backflushed from RIP to Finished Goods Inventory (FGI).

The following information is provided for the month of May:

RIP - beginning, including PHP 1,000 conversion cost 5,000

FGI - beginning, including PHP 6,000 conversion cost 10,000

Raw materials received on credit 400,000

Direct labor cost 300,000

Factory overhead applied 500,000

RIP - end, per physical count, including PHP 7,000 conversion cost 20,000

FGI - end, per physical count, including PHP 4,000 conversion cost 6,000

Required:

Question 1. Amount of conversion costs included in COGS for the month of May

Question 2. Amount of direct materials backflushed from RIP to FGI?

Question 3. Amount of direct materials backflushed from FGI to COGS?

Reference no: EM132560835

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