12. Hinghol Company has a cycle time of 3 days, uses a Materials and In...
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12. Hinghol Company has a cycle time of 3 days, uses a Materials and In process (MIP) account, and charges all conversion costs to Cost of Goods Sold, At theend of month, all inventories are counted , their conversion costs are estimated, and inventory account balances are adjusted. Raw material cost is back-flushed from MIP to Finished Goods. The following information is for June:
Beginning balancer of MIP account including P3,000 Conversion costP29,250
Beginning balance of Finished goods account, including P10,000 of Conversion cost30,000
Raw materials received on credit562,500
Ending MIP Inventory per physical count, including P4,500 of CC32,000
Ending finished goods inventory per physical count, including P8,750 of Conversion cost26,250
The raw material cost of units completed in June is:
a. P26,250
b. P561,250
c. P562,500
d. P27,500
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