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CoursHeroTranscribedText: The LanFat Manufacturing Company uses a Raw and In Process (RIP) inventory account and...

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Accounting

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CoursHeroTranscribedText: The LanFat Manufacturing Company uses a Raw and In Process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted accordingly. Raw material cost is backflushed from RIP to Finished Goods. The following information is for the month of August: Beginning balance for RIP account, including $4,800 of conversion cost .$ 43,500 Raw materials received on credit. 680,000 Ending RIP inventory per physical count, including $5,300 conversion cost estimate 47,200

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