G. Bello, a general manager of a highly automated coffee production plant in Laguna, has provided the following information for transactions that occurred during October. The production plant uses a JIT costing system.Raw materials costing P300,000 were purchased.All materials purchased were requisitioned for production.Direct labor costs of P200,000 were incurred.Actual factory overhead costs amounted to P995,000.Applied conversion costs totaled P1,300,000. This includes the direct labor cost.All units are completed and immediately sold.Compute for the following:__________7. Amount to be debited to the Raw and in Process account in (a)__________8. Amount to be backflushed from RIP to FG account (include materials andconversion cost)__________9. What is the balance of the Cost of Goods Sold Account? No adjustments

Actual overheads are the overheads which are actually incurred. Applied overheads are overheads…

Answered: w materials costing P300,000 were…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Related questions

Concept explainers

Question

G. Bello, a general manager of a highly automated coffee production plant in Laguna, has provided the following information for transactions that occurred during October. The production plant uses a JIT costing system.

Raw materials costing P300,000 were purchased.
All materials purchased were requisitioned for production.
Direct labor costs of P200,000 were incurred.
Actual factory overhead costs amounted to P995,000.
Applied conversion costs totaled P1,300,000. This includes the direct labor cost.
All units are completed and immediately sold.

Compute for the following:

__________7. Amount to be debited to the Raw and in Process account in (a)

__________8. Amount to be backflushed from RIP to FG account (include materials and

conversion cost)

__________9. What is the balance of the Cost of Goods Sold Account? No adjustments

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions