2. GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold. 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 the raw materials and in process account to the finished goods account. The following information is provided for the month of December: Beginning Balance of RIP account, including P5,000 conversion cost 15,000 Beginning Balance of finished goods account, including P8,000 conversion cost 20,000 Raw materials received on credit 500,000 Direct labor cost 350,000 Factory overhead applied 450,000 Ending RIP inventory per physical count, including P9,000 conversion cost 30,000 Ending finished goods inventory per physical count, including P4,000 conversion cost 11,000 1. How much is the cost of goods sold for the month of December? 494,000 800,000 c. 1,285,000 d. 1,294,000 a. b. a. 2. How much is the conversion cost included cost of goods sold in June? 494,000 b. 800,000 c. 1,285,000 d. 1,294,000 3. How much direct materials were backflushed from RIP to finished goods? 489,000 494,000 500,000 d. 1,285,000 a. b. c