Briones, Jomel S.

BSMA – 1A
Cost Accounting – ACCT03

Raw and In Process ₱ 357, 000

Accounts Payable ₱ 357, 000

Finished Goods ₱ 374, 700

Raw and In Process ₱ 374, 700

To backflushed materials cost from Raw and In Process to Finished Goods

Material, RIP Beg. Balance (May 1) ₱ 35, 700
Material purchase during May 1 ₱ 357, 000
₱ 392, 700
Material, RIP End Balance (May 31) -₱ 18, 000
To be backflushed ₱ 374, 700

Cost of Goods Sold ₱ 391, 700

Finished Goods ₱ 391, 700

To backflushed material cost from finish Goods to Cost of Goods Sold

Material, Finished Goods Beg. Balance (May 1) ₱ 28, 000
Material backflushed from RIP ₱ 374, 700
₱ 402, 700
Material, Finished Good End Balance (May 31) -₱ 11, 000
To be backflushed ₱ 391, 700

Cost of Good Sold ₱ 14, 400

Raw in Process ₱ 2, 400
Finished Goods ₱ 12, 000

Conversion cost in Raw and In Process account is adjusted from P7, 900 at May 1 to
P5, 500 estimated at May 31. Conversion cost in Finished Goods is adjusted from
P18, 000 at May 1 to P6, 000 at May 31.