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JIT Backflush Problem 3

The document outlines the financial transactions related to materials and goods in a manufacturing process. It details purchases, inventory changes, and cost allocations between raw materials, work in progress, and finished goods. Key figures include materials purchased on credit, cost of goods sold, and changes in inventory levels.

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12 views1 page

JIT Backflush Problem 3

The document outlines the financial transactions related to materials and goods in a manufacturing process. It details purchases, inventory changes, and cost allocations between raw materials, work in progress, and finished goods. Key figures include materials purchased on credit, cost of goods sold, and changes in inventory levels.

Uploaded by

jq5zpmj7j2
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Problem 3

1 Materials purchased on credit 146,000


RIP beg 10,600
RIP end (16,200)
Materials backflushed from RIP to FG 140,400

2 Materials backflushed from RIP to FG 140,400


FG beg 25,200
FG end (11,500)
Materials backflushed from FG to COGS 154,100

3 Raw and In Process 146,000


Accounts Payable 146,000

Cost of Goods Sold 180,000


Accrued Payroll/Wages Payable 80,000
Factory Overhead Control 100,000

Finished Goods 140,400


Raw and In Process 140,400

Cost of Goods Sold 154,100


Finished Goods 154,100

Raw and In Process 3,400 Conversion Cost RIP FG


Cost of Goods Sold 900 Beg (4,400) (10,800)
Finished Goods 4,300 End 7,800 6,500
Increase/(Decrease) 3,400 (4,300)

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